- Push-out Score determined
- After about six years in the position
- Praise and thanks for Luis
- Jide Zeitlin taking over in the interim
- Search for a successor
- Luis said 85 words
(exechange) — New York, September 4, 2019 — Victor Luis, chief executive of Tapestry, leaves. As announced by Tapestry Inc. in a news release and in a regulatory filing published on Wednesday, September 4, 2019, Victor Luis has left his post as Chief Executive Officer at the fashion company after about six years in the role, effective September 3, 2019.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.3 years, according to data compiled by exechange.
Tapestry will undertake a search for a successor.
Victor Luis’s duties as CEO will be taken over in the interim by Jide J. Zeitlin, currently Chairman of the Board of Tapestry, Inc.
“Need to sharpen our focus on execution”
A reason for Victor Luis’s departure from the CEO post was not explicitly provided. Susan Kropf, a current member of the Tapestry Board, who has been named Lead Independent Director, said: “The Board remains committed to Tapestry’s multi-brand model, while recognizing the need to sharpen our focus on execution. Given the continued strength and momentum at Coach – the largest brand at Tapestry – our top priority remains driving significantly improved performance at our acquired brands.”
Precise information regarding Victor Luis’s future plans was not immediately available.
Tapestry said: “Mr. Zeitlin succeeds Victor Luis, who is leaving the Company and its Board of Directors.”
Tapestry further said: “Victor Luis, Chief Executive Officer, departed from the Company and resigned from the Company’s Board of Directors, effective as of September 3, 2019.”
Share price decline
The announcement follows a decline in Tapestry, Inc.’s share price of 58% since September 2018.
In the position of CEO since 2014
Victor Luis was appointed Chief Executive Officer of the Company in January 2014.
Prior to his appointment, and beginning in February 2013, he held the role of President and Chief Commercial Officer of the Company, with oversight for all of the Company’s revenue-generating units, strategy and merchandising.
From February 2012 to February 2013, Luis served as President, International Group of Coach, with oversight for all of the Company’s operations outside of North America.
Prior to that he was President for Coach Retail International from March 2010 to February 2012, with responsibility for the Company’s directly operated businesses in China (Hong Kong, Macau and Mainland China), Japan, Singapore, and Taiwan.
Prior to that he was President and Chief Executive Officer, Coach China and Coach Japan from September 2008 to March 2010.
Luis joined the Company in June 2006 as President and Chief Executive Officer, Coach Japan.
Prior to joining the Company, from 2002 to 2006, Luis was the President and Chief Executive Officer for Baccarat, Inc., running the North American operation of the French luxury brand.
Earlier in his career, Luis held marketing and sales positions within the Moët Hennessy Louis Vuitton (LVMH) Group.
Luis holds a Bachelor of Arts degree from College of the Holy Cross and a Master of Arts degree from University College, Durham University, UK.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Tapestry and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 36.2019 ($).