Tapestry President and CEO Jide Zeitlin resigned Tuesday amid an investigation into his personal behavior, a source familiar with the matter said.
The source said the Tapestry board had hired a law firm to investigate the allegations of at least one Zeitlin woman posing as a photographer under an alias to lure her into a romantic relationship more than a decade ago.
Earlier in the day, Tapestry said Zeitlin had resigned for personal reasons, the latest in a series of high-level executive exits at handbag maker Coach over the past year.
A Zeitlin representative did not immediately respond to a request for comment. Zeitlin, however, told the Wall Street Journal that he was forced to resign because he “did not want to create a distraction” for the company.
Zeitlin, president since 2014, took over as CEO of Victor Luis in September, when the company was struggling to integrate its Kate Spade brand and keep up with the latest fashion trends.
He had agreed to run the fashion house for the next three years. CFO Joanne Crevoiserat, a former Abercrombie & Fitch executive, was named interim chief executive, while Andrea Resnick, director of investor relations and corporate communications, was named interim chief financial officer.
Susan Kropf, the principal independent director, was named chair of the board.
Tapestry said it would consider internal and external candidates as the search for a permanent CEO begins. Since December, the company has also seen the exits of the heads of its Coach and Kate Spade brands.
Tapestry also said Tuesday that fourth-quarter revenue exceeded internal expectations and that the gross margin had expanded.
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