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The parent company of the Kate Spade, Stuart Weitzman and Coach fashion brands says its chairman and CEO has resigned from the company and board for personal reasons, effective immediately
NEW YORK —
The parent company of the Kate Spade, Stuart Weitzman and Coach fashion brands said Tuesday that its chairman and CEO Jide Zeitlin has resigned for personal reasons, effective immediately.
Zeitlin, who had been chairman since November 2014 of Tapestry, took over as CEO in September 2019 after the company ousted its then-CEO Victor Luis. He joined the company’s board in 2006.
According to The Wall Street Journal, the board of directors of Tapestry has hired the law firm Fried, Frank, Harris, Shriver & Jacobson LLP to probe allegations raised by at least one woman. The woman accused Zeitlin of posing as a photographer under an alias to lure her into a relationship more than a decade ago, according to the report.
Tapestry declined to comment on the allegations and referred to Zeitlin’s own representative for a statement.
“In the past month, a woman I photographed and had a relationship with more than 10 years ago reached out to various media organizations to express her concerns about what had occurred,” Zeitlin said in a statement emailed through his own representative Tuesday. “I felt compelled to resign today because I do not want to create a distraction for Tapestry, a company I care deeply about.”
The Nigerian-born executive was one of only four Black CEOs in the Fortune 500.
Joanne Crevoiserat, Tapestry’s chief financial officer, has been appointed interim CEO while the company searches for a successor. The company said it will look at both internal and external candidates.
Todd Kahn, president and chief administrative officer and company secretary, will serve as interim chief executive officer and brand president of Coach. Andrea Shaw Resnick, global head of investor relations and corporate communications, has been named interim chief financial officer.
In addition, Susan Kropf, the company’s lead independent director, was appointed chair of the board, replacing Zeitlin.
Shares in New York-based Tapestry Inc. were up about 4% in Tuesday afternoon trading.
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