Tapestry chief executive quits after less than a year
The chief executive of Tapestry, the parent company of luxury brands Coach and Kate Spade, has stepped down after less than a year in the job.
Jide Zeitlin, who was also chairman, has today resigned from the New York-based firm, citing “personal reasons”.
The Wall Street Journal, citing people familiar with the matter, said Tapestry’s board had hired a law firm to investigate allegations raised by at least one woman of Zeitlin posing as a photographer under an alias to lure her into a romantic relationship more than a decade ago.
Zeitlin said in a statement to the Journal that he was compelled to resign because he did “not want to create a distraction” for the company. He signed up for a three-year commitment when he was appointed chief executive, less than a year ago, Reuters said.
Zeitlin’s departure has sparked a shake-up of Tapestry’s top management team, with chief financial officer Joanne Crevoiserat and chief administrative officer Todd Kahn stepping in as interim chief executives.
Andrea Shaw Resnick, head of investor relations and corporate communications, has been named interim finance chief. Lead independent director Susan Kropf has been appointed as 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 chief executive.
“During his tenure as chief executive, 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.”