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Tapestry’s chairman and CEO, Jide Zeitlin, has resigned from his position after ten months on the job. While he officially resigned for “personal reasons”, it is alleged that past inappropriate behavior led to his dismissal.
The board of the parent company of Coach and Kate Spade hired a law firm to investigate claims that Jide posed as a photographer more than ten years ago and lured the unnamed woman into a romantic relationship. Jide confirmed the details in a statement, saying that he did not want to create a distraction for a company he deeply cares about. Well… too late for that, Jide.
He likely won’t be missed, as the company’s performance has been an unmitigated disaster. During Zeitlin’s time as CEO, shares dropped 40% as Tapestry continued to struggle to compete with other luxury brands like LVMH.
He will temporarily be replaced by Joanne Crevoiseray, who will move from CFO to
interim CEO, and Susan Kropf, who will act as chairwoman.
The bottom line…
Join the club…
Jide isn’t the only CEO who has been kicked to the curb, er, ‘resigned’ in disgrace recently.
Jerry Strizke, former CEO of Recreation Equipment, resigned in March of this year over a “consensual relationship” between him and another high level employee. Steve Easterbrook, former CEO of McDonald’s, was fired last November after a “consensual relationship” with a colleague.
Here’s an idea: maybe, just maybe, they should have spent more time running their companies and less time dipping their pens in the company ink.
Water Cooler Talking Point(s)
💧 “Wow Jide, you are one pathetic loser. ” – (Nick, The Water Coolest HQ)
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