After recent allegations of inappropriate behavior, Jide Zeitlin, the chairman and CEO of Tapestry, Inc., has made the decision to step down from his position within the company. This move has sent shockwaves through Tapestry’s leadership team, prompting a series of changes in top-level positions.
Having been with the company since 2014 and assuming the role of CEO just last September, Zeitlin’s resignation has sent the company scrambling to reorganize its leadership structure. The move comes amidst allegations of misconduct, with Zeitlin choosing to prioritize the well-being of Tapestry over his own personal interests.
In light of Zeitlin’s departure, the company has swiftly appointed interim executives to fill the void left by his absence. Joanne Crevoiserat, who previously served as the chief financial officer, has been named as the interim CEO. Meanwhile, Todd Kahn will now serve as both interim CEO and brand president of Coach, a key subsidiary of Tapestry. Andrea Shaw Resnick will step in as the interim CFO, assuming financial responsibilities during this transitional period.
As the company works towards finding a permanent CEO, Susan Kropf, the lead independent director, has taken on the role of chair of the board of directors. Kropf has acknowledged Zeitlin’s contributions to Tapestry, citing his instrumental role in driving the company’s growth agenda and providing leadership during challenging times.
Amidst a global pandemic that has wreaked havoc on retail and consumer markets, Tapestry has been faced with an uphill battle to revive its business operations. With stores shuttered and sales plummeting, the company has been forced to strategize how to bounce back from significant financial losses.
Investors have also taken notice of Tapestry’s struggles, as evidenced by a sharp decline in share value throughout the year. Despite these setbacks, the company remains optimistic about its future prospects, with the recent executive shuffle serving as a pivotal moment in its journey towards recovery and future success.
For more information on Tapestry, visit their official website here.
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