Jide Zeitlin, the chairman and chief executive of Tapestry, has resigned with immediate effect for personal reasons, less than one year after becoming CEO. Tapestry, a New York-based luxury goods house, owns the brands Coach, Kate Spade and Stuart Weitzman.
In September 2019, Zeitlin replaced Victor Luis as CEO while remaining chairman. He has been associated with Tapestry for 14 years, initially as a member of the board, to which he was elected in June 2006, and then as chairman of the board from November 2014. Zeitlin spent the first 20 years of his career at Goldman Sachs, where he held a number of senior management positions, including as a member the investment bank’s executive office and serving as global chief operating officer of their investment banking businesses.
In March, Tapestry said that Zeitlin was committed to leading the company for the next three years as it defined and implemented its multi-year growth agenda. At the same time, the company announced the departure of Joshua Schulman, the CEO and brand president of Coach. Zeitlin took direct oversight of the brand while a successor was being sought for Schulman.
In a filing with the U.S. Securities and Exchange Commission, Tapestry said that Zeitlin’s departure “was not due to any disagreement with the company on any matter relating to the company’s operations, financial statements or accounting.”
The resignation comes amid allegations that he posed as a photographer in 2007 to lure a woman into a relationship and that the company’s board has launched an internal investigation.
In the meantime Joanne Crevoiserat, the company’s chief financial officer, has been appointed interim CEO of Tapestry, while Todd Kahn, president, chief administrative officer and company secretary, will serve as interim CEO and brand president of Coach, and Andrea Shaw Resnick, global head of investor relations and corporate communications, has been named interim CFO.
Finally, Susan Kropf, the company’s lead independent director, has been appointed chair of the board. Tapestry has commenced a search for a permanent CEO, which will include internal and external candidates.
Tapestry plans to release its fiscal fourth quarter results on Aug. 13. The results, though pressured by the Covid-19 pandemic, have exceeded expectations in terms of revenues and earnings, it said, adding that the gross margin expanded on a year-over-year basis, reflecting lower promotional activity, while inventory declined over the period. The company also ended the year with a cash balance of approximately $1.4 billion.