Tapestry, the owner of Coach, Kate Spade and Stuart Weitzman, has announced that its chairman and chief executive Jide Zeitlin has stepped down for personal reasons.
He has been succeeded as chief executive on an interim basis by Joanne Crevoiserat who was previously chief financial officer of the group. Tapestry has already begun a search for a permanent replacement for Zeitlin which will consider both internal and external candidates.
In addition, Todd Kahn, chief administrative officer and company secretary, will serve as interim chief executive brand president of Coach while Andrea Shaw Resnick, global head of investor relations and corporate communications, will take on the role interim chief financial officer.
In a further appointment, Susan Kropf, the company’s lead independent director, has been appointed as chair of the board of directors.
Kropf said: “Jide has made meaningful contributions to Tapestry over the past 14 years, first as a director, and then as chairman, and most recently as CEO. During his tenure as CEO, he played a key role in driving the development of Tapestry’s strategic growth agenda. Importantly, he led with purpose during these unprecedented times. We thank him for all he has done for the company and remain committed to continuing this important work.”
She added: “Joanne, Todd and Andrea are three proven leaders who each bring over thirty years of relevant experience to their roles. Importantly, they have been instrumental in effectively guiding the organization through this pandemic. The board and I have every confidence that they, together with the strong management team in place, will continue to successfully execute Tapestry’s strategic growth agenda.”
Due to report its fourth quarter results on 13 August, Tapestry said they had exceeded internal expectations from a top and bottom line perspective despite the effects of the Covid-19 pandemic. .
Reference:
Tapestry announces leadership changes. (n.d.). Retrieved July 25, 2020, from https://www.theretailbulletin.com/fashion/tapestry-announces-leadership-changes-22-07-2020/
