Jide Zeitlin, the chief executive of Tapestry and one of only four black chief executives in the Fortune 500, resigned Tuesday. The unexpected move came after the company board learned of a misconduct allegation involving Mr. Zeitlin and hired a law firm to investigate, according to a person familiar with the situation who spoke on condition of anonymity. .
Although Tapestry, owner of Coach and Kate Spade, announced that Zeitlin would resign for “personal reasons,” he later acknowledged in a statement that the departure was related to a past relationship.
“Last month, a woman I photographed and had a relationship over 10 years ago contacted various media organizations to express their concerns about what happened,” Zeitlin said in the statement. “I felt compelled to resign today because I don’t want to create a distraction for Tapestry, a company that I care deeply about.” The Wall Street Journal reported on the statement Tuesday morning.
The company hired Fried, Frank, Harris, Shriver and Jacobson after the complaint came to light recently, a person familiar with the matter said.
In March, Tapestry had said that Mr. Zeitlin would remain at the helm for at least three more years.
New York-based Tapestry said Joanne Crevoiserat, its chief financial officer, would serve as interim executive director and that a search for a permanent replacement had begun.
The unexpected departure comes as the retail industry faces the consequences of the coronavirus pandemic. Tapestry, like other retailers, has been forced to close stores and adjust operations in China and the United States as the virus continues to spread.
The company, which also owns Stuart Weitzman, is a giant with roughly $ 6 billion in annual sales, but has seen its shares drop by roughly 50 percent this year. He then reports earnings on August 13.
Mr. Zeitlin became the chief of Tapestries in September; He had been president of the company since 2014 and was a board member prior to that. As part of his departure, he also resigned from the council.
Mr. Zeitlin had previously been a private investor who oversaw the Keffi Group, an investment office, and had spent two decades at Goldman Sachs. Born in Nigeria and adopted by an American family as a child, he drew praise and attention last month for a letter from the staff, later posted on LinkedIn, about civil rights and the Black Lives Matter movement.
In the company’s announcement Tuesday, Zeitlin said it had been “a privilege to lead Tapestry with its powerful brands and outstanding people.” The company praised him for his leadership in Tapestry, including his “key role in driving the development of Tapestry’s strategic growth agenda.”
