The CEO and chair of the company that owns luxury handbag brands Coach and Kate Spade has resigned after a woman reportedly accused him of luring her into a romantic relationship.
Tapestry CEO Jide Zeitlin, who was appointed to his post in September, met the woman in 2007 when she was "a model looking for headshots" on a "website where he posed as a photographer under an alias," the Wall Street Journal reported Tuesday, citing an anonymous source.
“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 to the Journal. “I felt compelled to resign today because I do not want to create a distraction for Tapestry, a company I care deeply about.”
Tapestry representatives and Zeitlin, a former Goldman Sachs investment banker, were not immediately available for comment Tuesday. The identity of the woman who made the accusation has not been disclosed.
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His sudden departure leaves Tapestry without a permanent CEO at a time when retailers are ailing due to the COVID-19 pandemic, though the company said Tuesday that it "exceeded internal expectations from a top and bottom-line perspective" during its most recent quarter.
The company said it had appointed Tapestry chief financial officer Joanne Crevoiserat as interim CEO. Susan Kropf, the company’s lead independent director, was appointed chair.
Tapestry said it would consider internal and external candidates as Zeitlin's replacement.
“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," Kropf said in a statement.
"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.”
Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.
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July 22, 2020 at 02:10AM
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Tapestry CEO out after woman alleges he posed as photographer to start relationship - USA TODAY
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