Tapestry chief quits after a year for ‘personal reasons’
THE boss of the company that owns brands including Kate Spade and Coach has resigned unexpectedly for “personal reasons” after less than a year in the job.
Tapestry’s Jide Zeitlin was one of just six black Fortune 500 bosses. Chairman since late 2014 he also became chief executive last September when the New York-based company ousted Victor Luis.
The company did not give a reason for his departure, but The Wall Street
Journal reported that he stepped down after the Tapestry board opened an investigation following an allegation made against him.
Mr Zeitlin said in a statement reported by The Journal: “In the past month, a woman I photographed and had a relationship with more than 10 years ago reached out to various media organisations to express her concerns about what had occurred.
“I felt compelled to resign today because I do not want to create a distraction for Tapestry, a company I care deeply about.”