Chief executive of Coach out amid changes at parent company Tapestry
The CEO of Tapestry is staying put for a while and taking on direct oversight of the company’s biggest brand.
The luxury goods company, whose brands include Coach, Kate Spade and Stuart Weitzman, announced that Jide Zeitlin will continue as chairman and CEO for the next three years. It also said that Joshua Schulman, CEO and brand president of Coach, will leave the company after a transition period.
During the search for Schulman’s successor, Zeitlin will have direct oversight of Coach's strategy and operations, working closely with the brand's senior leadership team. Coach is Tapestry’s largest brand. Coach’s net sales rose 2% to $1.27 billion in the company’s recently reported second quarter.
Zeitlin, a former executive at Goldman Sachs, was elected to Tapestry’s board in spring 2006 and was named board chairman in fall 2014. He was tapped as CEO last September, following the abrupt departure of Victor Luis, with Tapestry stating that at the “appropriate time, Zeitlin, with his board colleagues, will lead a search for a future chief executive officer.”
"Since becoming CEO, I have had the opportunity to immerse myself in the company, including leading an in-depth review of the brands and businesses,” stated Zeitlin. “The review revealed attractive growth opportunities for Coach, Kate Spade and Stuart Weitzman, which we will unlock by further leveraging each brand’s differentiated positioning and strong consumer connections, powered by a modern, agile Tapestry platform.”
Tapestry has experienced a series of leadership changes. In February, Liz Fraser was appointed CEO and president of the struggling Kate Spade. In other changes, Giorgio Sarné, president of Tapestry Asia and president and CEO of Coach Asia, was promoted to CEO and brand president of Stuart Weitzman. And Yann Bozec, president of Tapestry China and president and CEO of Coach China, was also promoted — to president of Tapestry Asia Pacific — while continuing as president and CEO of Coach China.