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Coach & Kate Spade Parent Tapestry Higher After CEO Resigns

Published 07/21/2020, 11:08 AM
© Reuters.
TPR
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By Christiana Sciaudone

Investing.com -- Tapestry (NYSE:TPR) rose 3.3% Tuesday after the head of the company departed after less than a year in the role.

Jide Zeitlin resigned from the CEO role for “personal reasons," the company said.

The parent company of Coach and Kate Spade had hired a law firm to investigate allegations raised by at least one woman, The Wall Street Journal reported, citing people familiar. The woman accused Zeitlin of posing as a photographer under an alias to lure her into a romantic relationship more than a decade ago.

"In the past month, a woman I photographed and had a relationship with more than ten years ago reached out to various media organizations to express her concerns about what had occurred," the WSJ said, citing a statement by Zeitlin. "I felt compelled to resign today because I do not want to create a distraction for Tapestry, a company I care deeply about."

Chief Financial Officer Joanne Crevoiserat has been appointed interim chief executive officer. Zeitlin became CEO in September, and had been chairman of the board since 2014.

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