Kate Spade’s CEO is Stepping Down From the Company

Tapestry Inc., the parent company of Kate Spade, has announced that Kate Spade’s brand president and CEO Anna Bakst will leave the company at the end of the year.

The company is already looking for a successor and Joanne Crevoiserat, Tapestry’s Chief Financial Officer, will fill the post in the interim.

Crevoiserat will have direct oversight of Kate Spade’s strategy and operations and will work closely with the brand’s senior leadership team, according to a press release from the company.

“We thank Anna for the passion and commitment she has brought to her work at Kate Spade,” said Jide Zeitlin, chairman and chief executive officer of Tapestry, Inc. “We are moving ahead quickly with a search process. Our strong Kate Spade leadership team, working with Joanne, will take the business forward aligned with Nicola Glass’s creative vision. Quarter-to-date, Kate Spade’s performance is on track and we are confident in our ability to meet our holiday season goals. We look forward to providing details about our second quarter results during our upcoming earnings call in February.”

“We are confident in our ability to meet our holiday season goals,” he said. “We look forward to providing details about our second quarter results during our upcoming earnings call in February.”

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