Tapestry, Inc., a leading New York-based house of modern luxury accessories and lifestyle brands, announced that Jide Zeitlin, Chairman and Chief Executive Officer, has resigned from the company and its Board of Directors for personal reasons.
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As a result, Joanne Crevoiserat, Chief Financial Officer, has been appointed Interim Chief Executive Officer of Tapestry, Inc. Todd Kahn, President, Chief Administrative Officer and Company Secretary, will serve as Interim Chief Executive Officer 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 Chief Executive Officer, which will include internal and external candidates.
Susan Kropf, the company’s Chair of the Board, commented, “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. 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.”
Mr. Zeitlin said, “It has been a privilege to lead Tapestry with its powerful brands and outstanding people. 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.”
Ms. Kropf continued, “Joanne, Todd and Andrea are three proven leaders who each bring over thirty years of relevant experience to their roles. Importantly, they have been instrumental in effectively guiding the organization through this pandemic. The Board and I have every confidence that they, together with the strong management team in place, will continue to successfully execute Tapestry’s strategic growth agenda.”
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The company expects to report fiscal fourth quarter results on 13th August. These results, though pressured by the Covid-19 pandemic, exceeded internal expectations from a top and bottom-line perspective. Importantly, gross margin expanded on a year-over-year basis, reflecting lower promotional activity, while inventory declined from prior year. In addition, the company ended the year with a significant cash balance of approximately $1.4 billion.