Tapestry Chairman/CEO Resigns

Note: This story has been updated. 

Tapestry chairman and CEO Jide Zeitlin has resigned from the company and its board of directors, citing personal reasons.

Joanne Crevoiserat, CFO, has been appointed interim CEO of Tapestry, Inc., which includes the Coach, Kate Spade and Stuart Weitzman brands in its portfolio and sits at No. 85 on the CGT Top 100 Consumer Goods Companies ranking. A search for a permanent CEO is underway, and the company said it’s considering internal and external candidates.

Todd Kahn, president, chief administrative officer and company secretary, will serve as interim CEO and brand president of Coach, while Andrea Shaw Resnick, global head of investor relations and corporate communications, will serve as interim CFO.

Susan Kropf, Tapestry lead independent director, has been named chair of the board of directors.

Zeitlin joined the Tapestry board of directors in 2006 and served as chairman of the board beginning in 2014. He was named CEO last year, succeeding Victor Luis. In a statement, Kropf cited Zeitlin’s 14 years of contributions to the company and role in driving strategic growth

“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,” she said.

“It has been a privilege to lead Tapestry with its powerful brands and outstanding people,” said Zeitlin. “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.”

Update: In a LinkedIn post, Zeitlin wrote he had been hounded by a writer intent on digging up dirt on his personal history. 

"I reached the conclusion this past weekend that this distraction will not allow me to meet my responsibilities as CEO. I hope you know how deeply I care about you and the company. The last thing I want is to add to the uncertainty each of you are already facing due to Covid-19 and the economic downturn."