Tapestry CEO Jide Zeitlin resigns

Credit: REUTERS/Carlo Allegri

Adds details on Zeitlin, Q4 expectations

July 21 (Reuters) - Coach handbag maker Tapestry Inc TPR.N said on Tuesday Chairman and Chief Executive Officer Jide Zeitlin has resigned from the company for personal reasons, effective immediately.

The company said Chief Financial Officer Joanne Crevoiserat has been appointed as interim CEO, while Andrea Resnick, Tapestry's head of investor relations and corporate communications, was named interim CFO.

Zeitlin, who has been the chairman of the company since 2014, took over from Victor Luis as CEO in September last year, when the company was struggling to integrate its Kate Spade brand and keep up with the latest fashion trends.

Tapestry in March had said that Zeitlin had agreed to stay with the luxury goods retailer for the next three years.

Tapestry, heavily impacted by the COVID-19 pandemic, said on Tuesday fourth-quarter revenue has exceeded internal expectations and gross margin expanded on a year-over-year basis.

The company expects to report fourth-quarter results on Aug. 13.

(Reporting by Uday Sampath in Bengaluru; Editing by Amy Caren Daniel)

((; within U.S.+1 646 223 8780; Twitter: @sampath_uday;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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