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Tapestry Had Opened Probe Into CEO Jide Zeitlin Prior to His Resignation

Jide Zeitlin’s resignation as Tapestry Inc. CEO came as the company had opened a probe into his personal behavior, according to a WSJ report.

According to the report, the Tapestry board was with the help of outside counsel investigating a woman’s allegations that Zeitlin had posed as a photographer to lure her into a romantic relationship in 2007.

In a statement this morning, Tapestry said Zeitlin was resigning from his post for “personal reasons.” In a filing today with the Securities and Exchange Commission, it wrote that: “Zeitlin’s departure was not due to any disagreement with the Company on any matter relating to the Company’s operations, financial statements or accounting.” A representative from the umbrella group, parent to Kate Spade, Coach and Stuart Weitzman, declined to comment beyond the release.

A former investment banker with Goldman Sachs, Zeitlin has worked in various roles at Tapestry and predecessor Coach Inc. over the past 14 years. He first came aboard as a director before being named chairman in November 2014. Zeitlin was appointed as interim CEO last fall and announced in early March plans to stay in the chairman and CEO spots for a three-year period. He was one of just four Black CEOs to lead a Fortune 500 company.

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In the past few months, Tapestry Inc. has seen a number of high-profile executive exits. Coach CEO and president Josh Schulman announced his departure in March  In February, Tapestry named Liz Fraser CEO of Kate Spade. She replaced Anna Bakst, who left the company at the end of 2019. At Stuart Weitzman, Giorgio Sarné is now leading the charge after the departure of CEO and brand president Eraldo Poletto this year.

Coinciding with Zeitlin’s departure, the company has announced a series of interim appointments. CFO Joanne Crevoiserat has been named interim Tapestry CEO. President, chief administrative officer and company secretary Todd Kahn will serve as interim CEO and brand president of Coach. Global head of investor relations and corporate communications Andrea Shaw Resnick has been appointed interim CFO, and lead independent director Susan Kropf has been made chair of the board of directors. The company will commence a search for a permanent CEO, looking at internal and external candidates.

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