Jide Zeitlin has resigned as chairman and chief executive officer of Tapestry Inc., citing personal reasons and stepping down after less than a year in the corner office.
Chief financial officer Joanne Crevoiserat has been named interim ceo. Susan Kropf, lead independent director, was named chair.
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.”
Zeitlin, 56, who became ceo in September, added: “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.”
Tapestry is commencing a search for a permanent ceo and will look at internal and external candidates.
The company, parent to Coach, Kate Spade and Stuart Weitzman, said it will report its fiscal fourth-quarter results on Aug. 13.
“These results, though pressured by the COVID-19 pandemic, exceeded internal expectations from a top and bottom-line perspective,” the firm said. “Importantly, gross margin expanded on a year-over-year basis, reflecting lower promotional activity, while inventory declined from prior year. In addition, the company ended the year with a significant cash balance of approximately $1.4 billion.”
The sudden c-suite shift was followed by several other “interim” changes. Todd Kahn, president and chief administrative officer and company secretary, will take the reins as interim ceo and brand president of Coach, a role that Zeitlin held following the departure of Joshua Schulman in March. Andrea Shaw Resnick, global head of investor relations and corporate communications, was tapped as interim chief financial officer.
Kropf noted: “Joanne, Todd and Andrea are three proven leaders who each bring over 30 years of relevant experience to their roles. Importantly, they have been instrumental in effectively guiding the organization through this pandemic.”
That’s the second sharp turn on top of Tapestry’s corporate org chart in under a year.
Zeitlin stepped in to take the reins from Victor Luis, who built the Coach business into the multibranded Tapestry, but ultimately was ousted when the board was dissatisfied with the company’s results.
While Zeitlin stepped in on an interim basis, there was no quick search for a ceo as he sought to shore up the business and he ultimately took on the role permanently this year.