By  on September 5, 2019

The surprise changing of the guards at Tapestry Inc. came with a little extra corporate bluntness — at least by fashion’s c-suite standards.

When chief executive officer Victor Luis abruptly “departed” the company Wednesday to be succeeded by chairman Jide Zeitlin, he was thanked for his vision and efforts, but the company line was clearly that Luis is out because he didn’t deliver the results the board wanted. The group’s share price is less than half what it was a year ago while operating profits have declined.

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