The CEO of the parent company of Kate Spade, Stuart Weitzman and Coach style manufacturers resigned Tuesday citing allegations of misconduct by a lady with whom he had a relationship greater than a decade in the past.
Jide Zeitlin had been Tapestry Inc.’s chairman since November 2014 and took over as CEO in September 2019 after the company ousted its then-CEO Victor Luis.
The Nigerian-born government was one of solely 4 Black CEOs within the Fortune 500.
“In the past month, a woman I photographed and had a relationship with more than 10 years ago reached out to various media organizations to express her concerns about what had occurred,” Zeitlin said in a press release. “I felt compelled to resign today because I do not want to create a distraction for Tapestry, a company I care deeply about.”
According to The Wall Street Journal, Tapestry’s board of administrators has employed a regulation firm to analyze allegations raised by a minimum of one girl. The girl accused Zeitlin of posing as a photographer under an alias to lure her right into a relationship greater than a decade in the past, based on the report.
In a LinkedIn post Zeitlin acknowledged that the connection was a mistake however said “I did not use power, wealth, or position to further that relationship.”
Tapestry declined to touch upon the allegations.
Joanne Crevoiserat, Tapestry’s chief monetary officer, has been appointed interim CEO whereas the company searches for a successor. The company said it is going to have a look at each inner and exterior candidates.
Todd Kahn, president and chief administrative officer and company secretary, will function interim chief government officer and model president of Coach. Andrea Shaw Resnick, world head of investor relations and company communications, has been named interim chief monetary officer.
In addition, Susan Kropf, the company’s lead unbiased director, was appointed chair of the board, changing Zeitlin.
Shares in New York-based Tapestry Inc. closed up 4% in Tuesday buying and selling.
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