Tapestry, Inc. has announced that Jide Zeitlin, the company’s Chairman of the board, has been appointed Chief Executive Officer. Zeitlin succeeds Victor Luis, who is leaving the company and its board of directors. The company also announced that Susan Kropf, a current member of the Tapestry board, has been named Lead Independent Director. Tapestry added that Zeitlin will also continue in his role as Chairman.
Commenting on the development, Zeitlin said in a statement: “I have profound belief in Tapestry’s people and culture, as well as our ability to enhance returns for all stakeholders. Coach, Kate Spade and Stuart Weitzman have powerful and differentiated positioning, strong consumer connections and attractive growth potential. Together with a talented management team that combines long-tenured executives with new leaders who bring fresh perspectives, we will act with urgency to drive sustainable organic growth.”
Tapestry names Jide Zeitlin its new CEO The company further said that with more than 30 years of global financial and operational experience and over a decade of serving on Tapestry’s board, Zeitlin will actively drive the company’s business performance with the objective of creating long-term sustainable growth. At the appropriate time, Zeitlin, with his board colleagues, will lead a search for a future chief executive officer.
“Having worked alongside Jide for more than 10 years, I know how eminently capable he is of leading Tapestry’s world-class teams at this time. He is highly respected within the organization, and I am confident that Jide will help our teams unlock the potential of our entire portfolio,” added Kropf
Zeitlin was elected to Tapestry’s board of directors in June 2006 and has served as the Chairman of the board since November 2014. He spent the first 20 years of his career at Goldman Sachs, where he held a number of senior management positions, including as a member of Goldman Sachs’s executive office and serving as global chief operating officer of their investment banking businesses. Zeitlin serves on the board of Affiliated Managers Group, Inc., is Chairman Emeritus of Amherst College and is Chairman of the Nigeria Sovereign Investment Authority. He is, or has been, a member of numerous boards, including Milton Academy, the Harvard Business School Board of Dean’s Advisors, Teach for America, Doris Duke Charitable Foundation, Montefiore Medical Center, Playwrights Horizons, Saint Ann’s School and Common Ground Community.
The company is maintaining its fiscal 2020 financial outlook and continues to expect to return approximately 700 million dollars to shareholders through its dividend and repurchase programs.
Picture:Jide Zeitlin via Business Wire