Chairman and Chief Executive Officer Jide
Zeitlin to Step Down
Tapestry, Inc. (NYSE: TPR), a leading New York-based house of
modern luxury accessories and lifestyle brands, today announced
that effective immediately, Jide Zeitlin, Chairman and Chief
Executive Officer, has resigned from the Company and its Board of
Directors for personal reasons. As a result, Joanne Crevoiserat,
Chief Financial Officer, has been appointed Interim Chief Executive
Officer of Tapestry, Inc. Todd Kahn, President, Chief
Administrative Officer and Company Secretary, will serve as Interim
Chief Executive Officer and Brand President of Coach, and Andrea
Shaw Resnick, Global Head of Investor Relations and Corporate
Communications, has been named Interim Chief Financial Officer of
the Company. Additionally, Susan Kropf, the Company’s Lead
Independent Director, has been appointed Chair of the Board of
Directors. The Company is commencing a search for a permanent Chief
Executive Officer, which will include internal and external
candidates.
Susan Kropf, the Company’s Chair of the Board, commented, “Jide
has made meaningful contributions to Tapestry over the past 14
years, first as a Director, and then as Chairman, and most recently
as CEO. During his tenure as CEO, he played a key role in driving
the development of Tapestry’s strategic growth agenda. Importantly,
he led with purpose during these unprecedented times. We thank him
for all he has done for the Company and remain committed to
continuing this important work.”
Mr. Zeitlin said, “It has been a privilege to lead Tapestry with
its powerful brands and outstanding people. I have incredible
belief in the Company’s growth potential as each brand sharpens its
focus on meeting the broad and diverse needs of their
consumers.”
Ms. Kropf continued, “Joanne, Todd and Andrea are three proven
leaders who each bring over thirty years of relevant experience to
their roles. Importantly, they have been instrumental in
effectively guiding the organization through this pandemic. The
Board and I have every confidence that they, together with the
strong management team in place, will continue to successfully
execute Tapestry’s strategic growth agenda.”
The Company expects to report fiscal fourth quarter results on
Thursday, August 13th. These results, though pressured by the
Covid-19 pandemic, exceeded internal expectations from a top and
bottom-line perspective. Importantly, gross margin expanded on a
year-over-year basis, reflecting lower promotional activity, while
inventory declined from prior year. In addition, the Company ended
the year with a significant cash balance of approximately $1.4
billion.
Biographies
Susan Kropf Chair of the Board of Directors Susan Kropf
was appointed Lead Independent Director in September of 2019 and
has served on our Board of Directors since June 2006. From 2001 to
January 2007, Ms. Kropf served as President and Chief Operating
Officer of Avon Products, where she had P&L responsibility for
Avon’s worldwide operations. Before that, she was Executive Vice
President and Chief Operating Officer, Avon North America and
Global Business Operations, with responsibility for the company's
North American operating business unit as well as global marketing,
R&D, supply chain operations and information technology. Ms.
Kropf also serves on the Boards of Sherwin Williams Co. and the
Kroger Company. Ms. Kropf holds a Bachelor of Arts degree from St.
John's University and an M.B.A. in finance from New York
University.
Joanne Crevoiserat Interim Chief Executive Officer of
Tapestry, Inc. Joanne Crevoiserat was appointed Chief Financial
Officer of Tapestry, Inc. effective August 1, 2019. Prior to
joining the Company, Ms. Crevoiserat was Executive Vice President
and Chief Operating Officer at Abercrombie & Fitch Co. from
February 2017 to June 2019. She joined Abercrombie & Fitch in
May 2014 as Chief Financial Officer and also served as Executive
Vice President, CFO and COO, and Interim Principal Executive
Officer during her tenure with the company. Prior to joining
Abercrombie & Fitch, she served in a number of senior
management roles at Kohl’s Inc. including Executive Vice President
of Finance and Executive Vice President of Merchandise Planning and
Allocation. Prior to her time with Kohl’s, Ms. Crevoiserat held
senior finance positions with Wal-Mart Stores and May Department
Stores, including Chief Financial Officer of the Filene’s, Foley’s
and Famous-Barr brands. She is a summa cum laude graduate of the
University of Connecticut where she received a Bachelor of Science
degree in Finance. Ms. Crevoiserat has served on the board of
directors of At Home Group Inc. since January 2019.
Todd Kahn Interim Chief Executive Officer and Brand
President of Coach President, Chief Administrative Officer and
Company Secretary Todd Kahn has served as President, Chief
Administrative Officer and Secretary of Tapestry, Inc. since May
2016, and has since March 2020 led the revenue generating business
units of the Coach brand on an interim basis. In addition to his
current roles, Mr. Kahn served as Chief Legal Officer from May 2016
through March 2020. He previously served as Chief Administrative
Officer, General Counsel and Secretary from August 2015 through May
2016, after becoming Global Corporate Affairs Officer in April
2014, Executive Vice President, Corporate Affairs in May 2013, and
Executive Vice President in August 2011, after joining the Company
as Senior Vice President, General Counsel and Secretary in January
2008. Prior to joining the Company, Mr. Kahn held senior operating
and legal positions at a number of public and private companies;
Calypso Christian Celle, Sean John, Accessory Network, InternetCash
Corporation and Salant Corporation. From 1988 until 1993, Mr. Kahn
was a corporate attorney at Fried, Frank, Harris, Shriver and
Jacobson in New York. Mr. Kahn received a Bachelor of Science
degree from Touro College and a Juris Doctor from Boston University
Law School.
Andrea Shaw Resnick Interim Chief Financial Officer of
Tapestry, Inc. Global Head of Investor Relations and Corporate
Communications Andrea Shaw Resnick is Global Head of Investor
Relations and Corporate Communications at Tapestry, Inc. She joined
the company in 2000, prior to the Company’s initial public
offering. During her tenure, she implemented an Investor Relations
program for the company which has been regularly recognized as
best-in-class by both Institutional Investor Magazine and IR
Magazine. From mid-2016 and into early 2017 and then again from
early 2019 through mid-2019, she also held the position of Interim
CFO for which she was recognized by Institutional Investor
Magazine. Before joining Tapestry from 1988 through 1999, Ms.
Resnick was a Director and Senior Portfolio Manager with HSBC Asset
Management Americas in New York. She began her career in 1982 as an
Equity Research Analyst for Oppenheimer & Co., Inc. Ms. Resnick
attended Barnard College of Columbia University and is a member of
the National Investor Relations Institute.
About Tapestry, Inc.
Tapestry, Inc. is a New York-based house of modern luxury
lifestyle brands. The Company’s portfolio includes Coach, Kate
Spade and Stuart Weitzman. Our Company and our brands are founded
upon a creative and consumer-led view of luxury that stands for
inclusivity and approachability. Each of our brands are unique and
independent, while sharing a commitment to innovation and
authenticity defined by distinctive products and differentiated
customer experiences across channels and geographies. To learn more
about Tapestry, please visit www.tapestry.com. The Company’s common
stock is traded on the New York Stock Exchange under the symbol
TPR.
This information to be made available in this press release may
contain forward-looking statements based on management's current
expectations. Forward-looking statements include, but are not
limited to, statements that can be identified by the use of
forward-looking terminology such as "may," "will," “can,” "should,"
“confident,” “future,” "expect," "intend," "estimate," "continue,"
"project," "guidance," "forecast," “outlook,” “believe,”
"anticipate," “proactive,” “preemptive,” “excited about,” “moving,”
“leveraging,” “capitalizing,” “developing,” “drive,” “targeting,”
“assume,” “plan,” “build,” “pursue,” “maintain,” “on track,” “well
positioned to,” “commit,” “look forward to,” “to acquire,”
“achieve,” “strategic vision,” “growth opportunities” or comparable
terms. Future results may differ materially from management's
current expectations, based upon a number of important factors,
including risks and uncertainties such as expected economic trends,
the ability to anticipate consumer preferences, the ability to
control costs and successfully execute our transformation and
operational efficiency initiatives and growth strategies and our
ability to achieve intended benefits, cost savings and synergies
from acquisitions, the risk of cybersecurity threats and privacy or
data security breaches, the impact of tax legislation, the impact
of the COVID-19 outbreak, etc. Please refer to the Company’s latest
Annual Report on Form 10-K, Quarterly Report on Form 10-Q and its
other filings with the Securities and Exchange Commission for a
complete list of risks and important factors. The Company assumes
no obligation to revise or update any such forward-looking
statements for any reason, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200721005363/en/
Tapestry, Inc. Analysts & Media: Andrea Shaw Resnick Interim
Chief Financial Officer Global Head of Investor Relations and
Corporate Communications 212/629-2618 aresnick@tapestry.com
Christina Colone Vice President, Investor Relations 212/946-7252
ccolone@tapestry.com
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