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Jide Zeitlin, CEO, Tapestry

Source: Tapestry

The Coach handbag maker’s parent company Tapestry said Tuesday its Chairman and Chief Executive Jide Zeitlin has resigned from the company for personal reasons, effective immediately. 

The move marks the latest in a slew of top-level departures at the company, which has been hit hard by the coronavirus pandemic like its peers, and has been trying to revive its accessories brands including Kate Spade. 

Tapestry shares were recently up about 4% in premarket trading. 

Zeitlin had just taken over the CEO role in September from Victor Luis, having served as chairman of the retailer since 2014. He had since been lauded as one of the few Black CEOs in the industry. 

And Tapestry had just in early March announced that Zeitlin planned to stay with the company over the next three years to work on its plans to restore growth. That is also when Joshua Schulman, the former CEO and brand president of Coach, announced his departure. 

The company said Tuesday that Chief Financial Officer Joanne Crevoiserat, a former Abercrombie & Fitch executive, has been appointed as interim CEO. It said it is commencing a search for a permanent leader and will consider both internal and external candidates. 

Meantime, Tapestry’s head of investor relations and communications, Andrea Resnick, has been named interim CFO. 

A spokesperson declined to comment further. 

The company said Tuesday that despite the pressures from the Covid-19 crisis, its fiscal fourth-quarter results have exceeded internal expectations, with inventory levels falling from a year ago and the retailer using fewer promotions, helping gross margins. It expects to report earnings on Aug. 13. 

Tapestry shares are down about 51% this year. The company has a market cap of about $3.6 billion. 

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