Tapestry, Inc. has announced the resignation of Jide Zeitlin, Chairman and Chief Executive Officer, effective immediately. As a result, the company said in a statement, Joanne Crevoiserat, chief financial officer, has been appointed Interim Chief Executive Officer of Tapestry, Inc.
Commenting on the leadership changes, Susan Kropf, the company’s Chair of the board, 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.”
Tapestry announces leadership changes as CEO Jide Zeitlin steps down
“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,” added Zeitlin.
The company added that Todd Kahn, President, Chief Administrative Officer and company secretary, will serve as Interim Chief Executive Officer and Brand President of Coach, and Andrea Shaw Resnick, Global Head of Investor Relations and Corporate Communications, has been named Interim Chief Financial Officer of the company. Additionally, Susan Kropf, the company’s lead independent director, has been appointed Chair of the board of directors.
“Joanne, Todd and Andrea are three proven leaders who each bring over thirty years of relevant experience to their roles. Importantly, they have been instrumental in effectively guiding the organization through this pandemic. The board and I have every confidence that they, together with the strong management team in place, will continue to successfully execute Tapestry’s strategic growth agenda,” Kropf added.
The company expects to report fourth quarter results on August 13, 2020. These results, Tapestry further said, though pressured by the Covid-19 pandemic, exceeded internal expectations from a top and bottom-line perspective. Importantly, the company said, 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 cash balance of approximately 1.4 billion dollars.