CEO of Parent Company of Coach has Suddenly Resigned

Jide Zeitlin, the CEO of Tapestry Inc., who is the parent company of Kate Spade, Coach, and Stuart Weitzman, has suddenly stepped down from his position amid allegations of misconduct.

Zeitlin, who has been the company’s chairman since 2014, has been accused of allegations of misconduct by a woman who he had a relationship with over ten years ago.

As CEO since September of 2019, Zeitlin was also one of only four Black CEOs in 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 statement. “I felt compelled to resign today because I do not want to create a distraction for Tapestry, a company I care deeply about.”

The Wall Street Journal has reported thatTapestry’s board of directors has hired a law firm to investigate allegations raised by at least one woman. The WSJ report says the woman accused Zeitlin of posing as a photographer under an alias to lure her into a relationship more than a decade ago.

While acknowledging that the relationship was a mistake, Zeitlin said “I did not use power, wealth, or position to further that relationship.”

Joanne Crevoiserat, Tapestry’s chief financial officer, has been appointed interim CEO while the company searches for a successor.

Tapestry declined to comment on the allegations. The company is expected to report financial results in just a few weeks on Aug. 13th.

Disclaimer: We have no position in Tapestry Inc. (NYSE: TPR) and have not been compensated for this article.