Tapestry Inc. has a new top executive.
The New York-based fashion conglomerate, parent to Kate Spade, Coach and Stuart Weitzman, announced today that it has named Joanne Crevoiserat its new chief executive officer, effective immediately.
Crevoiserat has served as the company’s interim CEO since July 2020 following the resignation Jide Zeitlin, who stepped down that same month citing personal reasons.
Crevoiserat served as EVP and COO Abercrombie & Fitch Co. from February 2017 to June 2019 and joined Tapestry in August 2019 as CFO. She is expected to be appointed as a member of Tapestry’s board of directors at the next scheduled board meeting. Susan Kropf, an independent member of Tapestry’s board since June 2006, will continue to serve as chair.
“I am thrilled to be leading Tapestry, with its three powerful brands, exceptional people and tremendous growth potential,” said Crevoiserat. “Since joining the company over a year ago, I have been focused on unlocking the power of our talented teams by establishing clear priorities and building a culture of trust and empowerment. I am excited about the opportunities ahead as we execute on our Acceleration Program, which I am confident will create stronger connections with our customers and fuel long-term growth and improved profitability.”
Zeitlin, who served as chairman of Tapestry’s board, had been appointed to the chief post on an interim basis in fall 2019, but said in March that he planned to stay in the roles of chairman and CEO for the next three years. Amid renewed national conversation about diversity and inclusion following the deaths of Ahmaud Arbery, Breonna Taylor and George Floyd, Zeitlin — one of just four Black CEOs on the Fortune 500 — had been making inroads on D&I at Tapestry. However, in July, the Wall Street Journal reported that Tapestry had opened an investigation into Zeitlin’s personal behavior. According to the newspaper, the Tapestry board, with the help of outside counsel, was investigating a woman’s allegations that Zeitlin had posed as a photographer to lure her into a romantic relationship in 2007. Zeitlin addressed the allegations in a LinkedIn post, acknowledging his affair with the woman but said the relationship began and concluded 13 years ago and was not related to his role at Tapestry.
The executive’s departure had come at a pivotal time for the company, which has seen an intense amount of executive shuffling. Zeitlin stepped in last fall when former CEO Victor Luis abruptly resigned as Tapestry struggled with Kate Spade’s overhaul. Since then, brand heads at Coach, Kate Spade and Stuart Weitzman have all exited, and new leadership is in place across the portfolio.
“After completing a comprehensive internal and external search, the board unanimously concluded that Joanne is the best candidate to lead Tapestry’s next chapter of growth as CEO,” said Kropf today of Crevoiserat’s appointment. “Since taking on the role of Interim CEO in July, Joanne has led with a customer-centric, data-driven approach, an understanding of the unique needs and advantages of our house of brands and a focus on execution and growth.”
She added, “Joanne has a passion for our brands and our company, deep financial and operational expertise and a belief in the power of our teams. She has been instrumental in setting Tapestry’s strategic agenda and has a clear vision for what is needed to drive our success in the future.”