Tapestry Inc., the New York-based parent company of Coach and Kate Spade, announced that effective immediately, Jide Zeitlin, chairman and chief executive officer, has resigned from the company and its board of directors for personal reasons. The company is conducting an investigation into Zeitlin’s personal affairs after allegations that he posed as a photographer to coerce a woman into a romantic relationship surfaced.
“It has been a privilege to lead Tapestry with its powerful brands and outstanding people,” Zeitlin said. “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.”
As a result, Joanne Crevoiserat, chief financial officer, has been appointed interim CEO of Tapestry Inc. 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 chief financial officer of the company. Additionally, Susan Kropf, the company’s lead independent director, has been appointed chair of the board of directors. The company is commencing a search for a permanent CEO, which will include internal and external candidates.
“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,” said Kropf. “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. We thank him for all he has done for the company and remain committed to continuing this important work.”
