- Push-out Score determined
- After less than one year in the position
- Praise and thanks for Zeitlin
- Joanne Crevoiserat taking over in the interim
- Search for a successor
- Zeitlin kept it short and said 40 words
(exechange) — New York, July 21, 2020 — Jide Zeitlin, chief executive of Tapestry, leaves. As announced by Tapestry Inc. in a news release and in a regulatory filing published on Tuesday, July 21, 2020, Jide Zeitlin has left his post as chief executive officer at the luxury fashion holding company after less than one year in the role, effective July 20, 2020.
Tapestry will undertake a search for a successor.
Jide Zeitlin’s duties as CEO will be taken over in the interim by Joanne Crevoiserat, most recently Chief Financial Officer of Tapestry Inc., as Interim Chief Executive Officer.
Andrea Shaw Resnick, Global Head of Investor Relations and Corporate Communications, has been named Interim Chief Financial Officer of the Company.
Jide Zeitlin’s move forms part of a management shake-up also involving the position of Chief Executive Officer and Brand President of Coach.
“Personal reasons”
The management change is explained as follows. Tapestry said: “[E]ffective immediately, Jide Zeitlin, Chairman and Chief Executive Officer, has resigned from the Company and its Board of Directors for personal reasons.”
Precise information regarding Jide Zeitlin’s future plans was not immediately available.
“Resigned”
Tapestry said: “On July 21, 2020, the Company announced that Jide Zeitlin, the Company’s Chairman and Chief Executive Officer, resigned from the Company and resigned from the Company’s Board of Directors (the “Board”), effective as of July 20, 2020.”
“Not due to any disagreement”
“Mr. 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,” Tapestry said.
Share price decline
The announcement follows a decline in Tapestry Inc.’s share price of 45% since September 2019.
In the position of CEO since 2019
Jide Zeitlin became CEO of the Company in 2019.
Jide Zeitlin was appointed Chief Executive Officer of Tapestry, Inc. in September 2019, was elected to Tapestry’s Board of Directors in June 2006 and has served as the Chairman of the Board since November 2014.
Zeitlin is the founder of Keffi Group, a private investment firm, and has been an investor with interests in Asia, the Middle East, and Africa since 2006.
Prior to 2006, Zeitlin was a partner at The Goldman Sachs Group, Inc., where he held senior management positions in the investment banking division, including that of global Chief Operating Officer.
He also served in the firm’s executive office.
Zeitlin serves on the board of Affiliated Managers Group, Inc., is Chairman of the Nigeria Sovereign Investment Authority and is Chairman Emeritus of Amherst College.
He is a member of the board of trustees of both Playwrights Horizons and Saint Ann’s School and has been on the boards of various other corporate and non-profit organizations.
Within the last five years, he served as a director of Vascular Biogenics Ltd.
Zeitlin holds an A.B. degree, magna cum laude, in Economics and English from Amherst College and an M.B.A. degree from Harvard University.
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 30.2020 ($).