Tom Glaser, 61, has decided to retire as chief operations officer of Tapestry Inc., and Scott Roe, 57, who has been chief financial officer of Tapestry since June 2021, will immediately take on the additional role of COO.
In this dual role, Roe will continue to lead the finance organization while expanding his scope to include oversight of operations across Tapestry’s multibrand platform, including supply chain and information technology. As part of these changes, chief executive officer Joanne Crevoiserat will take on direct oversight of Tapestry’s Strategy and Consumer Insights team, which previously reported to Roe.
Tapestry’s brands include Coach, Kate Spade and Stuart Weitzman.
To ensure a smooth transition, Glaser will remain with the company until Oct. 1.
Glaser joined Tapestry from VF Corp. in July 2019, where he had been vice president, VF Corp. and president, supply chain. Roe, as well, had previously been with VF Corp., where he worked 25 years rising to CFO.
“During his tenure, Tom has played an important role in the execution of our Acceleration Program and our ability to successfully navigate the effects of the pandemic. He leaves us with a solid foundation in place and strong team of tenured leaders. We thank him for his many contributions and wish him all the best in his retirement,” Crevoiserat said. “At this time, I am delighted to announce the appointment of Scott, a seasoned industry executive with more than 30 years of retail finance and operations experience, to the dual role of chief financial officer and chief operations officer. Since Scott joined Tapestry in June 2021, he has been a great partner to me and has a unique and unparalleled understanding of multibrand companies. I am very confident that Scott, together with our talented teams, will continue to optimize our robust operating platform as we move forward.”
Glaser added, “It has been a privilege to be part of Tapestry over the last three years, and to partner with such an amazing group of people. I am proud of our significant progress, and I look forward to following the company’s success in the years ahead.”
“Tapestry is an exceptional company with iconic global brands and a disciplined focus on delivering results. I’m excited about my new, expanded role, and the opportunity to drive continued growth and profitability for the company,” Roe said.
Tapestry expects to report its fiscal 2022 fourth quarter and full-year results on Aug. 18.
For the third quarter ended April 2, Tapestry’s net income rose 33.8 percent to $122.7 million, compared with $91.7 million. Sales for the three months increased 13 percent to $1.43 billion from $1.27 billion, as reported.