CEO of parent company of Coach and Kate Spade resigns

NEW YORK (AP) - The parent company of the Kate Spade, Stuart Weitzman and Coach fashion brands said Tuesday that its chairman and CEO Jide Zeitlin has resigned for personal reasons, effective immediately.

Zeitlin, who had been chairman since November 2014 of Tapestry, took over as CEO in September 2019 after the New York-based company ousted its then-CEO Victor Luis.

According to The Wall Street Journal, the board of directors of Tapestry was investigating Zeitlin for alleged misconduct. A representative for Tapestry was not available for comment.

Zeitlin was among only four Black CEOs of Fortune 500 companies.

Joanne Crevoiserat, Tapestry's chief financial officer, has been appointed interim CEO while the company searches for a successor. The company said it will look at both internal and external candidates.

Todd Kahn, president and chief administrative officer and company secretary, will serve as interim chief executive officer and brand president of Coach. Andrea Shaw Resnick, global head of investor relations and corporate communications, has been named interim chief financial officer.

In addition, Susan Kropf, the company's lead independent director, was appointed chair of the board, replacing Zeitlin.

Shares in New York-based Tapestry Inc. were up about 6% in Tuesday afternoon trading.

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