John D. Idol to remain as CEO of Capri Holdings as company ditches CEO succession plans
Global fashion luxury group Capri Holdings Limited has announced that John D. Idol will remain as Chairman and Chief Executive Officer of Capri Holdings, with the company ditching its CEO succession plan.
Despite joining the company just six months ago, Joshua Schulman, Chief Executive Officer of Michael Kors, will leave soon the company. Schulman, who was formerly CEO of Coach, was slated to succeed Idol as Chief Executive Officer in September 2022 as part of a planned leadership succession with Idol moving on as Executive Chairman.
John D. Idol, Chairman and Chief Executive Officer of Capri Holdings said: "At Capri Holdings, we are executing against our clear strategic vision for growing our three powerful fashion luxury brands and seeing strong results. We remain well-positioned to achieve meaningful long-term revenue and earnings growth as well as deliver increased value for our shareholders. I am fully committed to continuing to lead Capri Holdings and driving our future success.
"Michael Kors has a talented management team in place that will continue to execute on its strategic initiatives. The strategies that we put in place prior to the pandemic have been generating strong consumer demand and driving higher profitability as we continue to elevate brand positioning. The Board and I remain extremely optimistic about the future growth of Michael Kors and Capri Holdings. We are grateful to Josh for his contributions to our organisation."