Tapestry appoints new interim CEO as Jide Zeitlin stands down

Tapestry, the parent of Coach and Kate Spade, has appointed its CFO Joanne Crevoiserat as interim CEO after the unexpected departure of chairman and CEO Jide Zeitlin after less than a year in the role.

Zeitlin was appointed CEO last September after Victor Luis left the company and has been its chairman for the past six years and a board members for 14 years.

In a statement issued by the company, which also owns the Stuart Weitzman footwear brand, he said: “It has been a privilege to lead Tapestry with its powerful brands and outstanding people. I have incredible belief in the Company’s growth potential as each brand sharpens its focus on meeting the broad and diverse needs of their consumers.”

No reason was given for his departure but a report in the Wall Street Journal says Zeitlin elected to resign following an allegation made against him. In a statement to the newspaper Zeitlin said: “In the past month, a woman I photographed and had a relationship with more than 10 years ago reached out to various media organisations to express her concerns about what had occurred." He added that he resigned as he did not want to cause a distraction for the company.

His role as chair has been filled by senior independent director Susan Kropf, who 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.”

In addition to Crevoiserat and Kropf's new roles Todd Kahn, President, Chief Administrative Officer and Company Secretary, will now serve as Interim Chief Executive Officer and Brand President of Coach, and Andrea Shaw Resnick, Global Head of Investor Relations and Corporate Communications, has been named Interim Chief Financial Officer of the company.