// Tapestry CEO Jide Zeitlin has resigned suddenly
// Zeitlin was one of just six black Fortune 500 bosses
// He was promoted to CEO in September 2019
The chief executive of the company that owns retailers including Kate Spade and Coach, Jide Zeitlin, has suddenly stepped down for “personal reasons”.
Tapestry’s Zeitlin was one of just six black Fortune 500 bosses and had been in his role for less than a year.
He was the chairman of Tapestry since 2014, and became chief executive last September when Victor Luis was ousted.
- Tapestry to re-open stores after a near 20% drop in quarterly sales
- Tapestry appoints new board of directors
The company did not give a reason for his departure, but Zeitlin stepped down after the Tapestry board opened an investigation following an allegation made against him.
A woman had accused Zeitlin of posing as a photographer to lure her into a romantic relationship more than a decade ago.
Meanwhile, Tapestry said his departure was not due to any disagreement with the company regarding operations or finances.
Zeitlin had spoken publicly about his experiences facing racism as a black man and expressed support for the Black Lives Matter movement.
Chief financial officer Joanne Crevoiserat has been appointed interim chief executive of Tapestry while both internal and external candidates are considered to take over.
Senior independent director Susan Kropf has become chairman.
The changes at the top come as Tapesty, formerly known as Coach, attempts to stay afloat amid the coronavirus pandemic.
Net sales fell 19.4 percent to $1.07 billion in the third quarter ended March 28, its biggest drop in at least 15 years.
Tapestry reported a net loss of $677.1 million, or $2.45 per share, compared to a profit of $117.4 million, or 40 cents per share, a year earlier.