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Tapestry Confirms Joanne Crevoiserat as CEO

Tapestry Inc. has named Joanne Crevoiserat its full-time CEO.

Crevoiserat, who joined Tapestry in August of last year as chief financial officer (CFO), has filled the chief executive office in an interim capacity since July, when former CEO Jide Zeitlin resigned over decade-old misconduct allegations.

Zeitlin, who was part of the team at Goldman Sachs that helped the company—then known as Coach Inc.—complete its $118 million initial public offering in October 2000, had been named CEO in September 2019, following the departure of Victor Luis.

“Since joining the company over a year ago, I have been focused on unlocking the power of our talented teams by establishing clear priorities and building a culture of trust and empowerment. I am excited about the opportunities ahead as we execute on our Acceleration Program, which I am confident will create stronger connections with our customers and fuel long-term growth and improved profitability,” said Crevoiserat, who is Tapestry’s third CEO in roughly one year.

In her first conference call to Wall Street analysts leading Tapestry, Crevoiserat in August detailed a transformation plan focused on boosting average unit retail and created stronger margins and closing underperforming stores. The accessibly luxury firm reduced its headcount by 20 percent earlier this year, and has continued to fine-tune its sourcing model, trimming production lead times to three months from four and working with raw materials and service suppliers on agility and speed.

Crevoiserat will be named to Tapestry’s board at the next regularly scheduled meeting. Susan Kropf, an independent board member, continues in her role as chairperson.

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“After completing a comprehensive internal and external search, the board unanimously concluded that Joanne is the best candidate to lead Tapestry’s next chapter of growth as CEO. Since taking on the role of interim CEO in July, Joanne has led with a customer-centric, data-driven approach, an understanding of the unique needs and advantages of our house of brands and a focus on execution and growth,” Kropf said. “Joanne has a passion for our brands and our company, deep financial and operational expertise and a belief in the power of our teams. She has been instrumental in setting Tapestry’s strategic agenda and has a clear vision for what is needed to drive our success in the future.”

Prior to joining Tapestry, Crevoiserat was executive vice president and chief operating officer at Abercrombie & Fitch Co. from February 2017 to June 2019. She joined Abercrombie in May 2014 as chief financial officer, and she also served as executive vice president, CFO and chief operating officer and interim principal executive during her tenure there. Before joining Abercrombie, she served in a number of senior management roles at Kohl’s Corp. and before that was at Wal-Mart Stores and May Department Stores, also in senior roles.