Tapestry CEO Jide Zeitlin Resigns

NEW YORK, United States — Tapestry Inc. said on Tuesday Chairman and Chief Executive Jide Zeitlin has resigned from the company for personal reasons, the latest in a series of top level executive departures at the Coach handbag maker over the last year.

The company said chief financial officer and former Abercrombie & Fitch executive Joanne Crevoiserat had been appointed as interim CEO, while Andrea Resnick, Tapestry's head of investor relations and corporate communications, was named interim CFO.

Zeitlin, who has been the chairman of the company since 2014, took over from Victor Luis as CEO in September, when the company was struggling to integrate its Kate Spade brand and keep up with the latest fashion trends.

His departure comes as a surprise, as the company said in March he had agreed to continue leading the fashion house for the next three years, working on plans for growth.

Since December, the company has also seen the departures of the heads of its Coach and Kate Spade brands.

Tapestry said it is starting a search for a permanent CEO and is considering both internal and external candidates.

In the meantime, Crevoiserat will be charged with leading the company through one of the most challenging periods for luxury goods makers, as the Covid-19 pandemic impacts sales of high-end handbags and apparel.

However, Tapestry said fourth-quarter revenue has exceeded internal expectations and gross margin expanded on a year-over-year basis, sending its shares up 4 percent in premarket trading.

The company expects to report fourth-quarter results on August 13.

Tapestry declined to provide further details on Zeitlin's departure.

By Uday Sampath; editor: Amy Caren Daniel.