Until his resignation from Tapestry Inc. last week, 56-year-old Jide Zeitlin was admired as one of the few black CEOs of a Fortune 500 company. Tapestry is the parent company of Coach, Kate Spade, and Stuart Weitzman. Zeitlin was the Chairman and CEO of Tapestry Inc. for 10 months. Zeitlin’s resignation was disclosed in a press release from Tapestry where ‘personal reasons’ was cited as to why he resigned. Going by reports, a woman had accused Zeitlin of posing as a photographer in 2007 to allegedly lure her into relationship – sources say Tapestry has reportedly launched an investigation into his personal life. Zeitlin, who has two sons with Anne Klein fashion executive Tina Goldberg, was born in Nigeria – adopted and raised in the US, he attended Amherst College and obtained an MBA from Harvard Business School.
Tapestry’s Chief Financial Officer, Joanne Crevoiserat, has been appointed Interim Chief Executive Officer. Susan Kropf, the Company’s Chair of the Board, in the press release stated that, “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. 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.” Zeitlin said, “It has been a privilege to lead Tapestry with its powerful brands and outstanding people. I have incredible belief in the Company’s growth potential as each brand sharpens its focus on meeting the broad and diverse needs of their consumers.”