CEO Steps Down Amidst Personal Misconduct Allegations
- Tapestry CEO Jide Zeitlin resigns due to personal reasons
- Investigation into personal behavior allegations
- CFO Joanne Crevoiserat appointed interim CEO
- Todd Kahn named interim chief executive officer and brand president of Coach
- Andrea Shaw Resnick becomes Interim CFO
- Susan Kropf appointed chair of the board of directors
- Company expects to report fiscal fourth quarter results on 13 August
Tapestry, the parent company of Coach, Kate Spade and Stuart Weitzman, has announced that its chairman and CEO Jide Zeitlin has resigned from the company and its board of directors due to personal reasons. This comes after an investigation into allegations made by a woman claiming Zeitlin posed as a photographer under an alias to lure her into a relationship over 10 years ago. The company hired law firm Fried, Frank, Harris, Shriver and Jacobson to investigate the claims. Tapestry’s CFO Joanne Crevoiserat has been appointed interim CEO, while Todd Kahn will serve as interim chief executive officer and brand president of Coach, and Andrea Shaw Resnick becomes Interim CFO. Susan Kropf, Tapestry’s lead independent director, is now chair of the board of directors. The company expects to report fiscal fourth quarter results on 13 August, which are expected to exceed internal expectations despite the Covid-19 pandemic.
Factuality Level: 8
Factuality Justification: The article provides accurate information about Jide Zeitlin’s resignation and the reasons behind it, as well as details about the company’s response to the situation and the appointment of interim leaders. It also includes a statement from Susan Kropf, the lead independent director, which adds credibility to the report.
Noise Level: 2
Noise Justification: The article provides relevant information about the resignation of Jide Zeitlin due to an investigation into his personal behavior and the appointment of interim CEOs and chair of the board. It also mentions the company’s financial results during the pandemic. The information is concise and stays on topic without diving into unrelated territories.
Financial Relevance: Yes
Financial Markets Impacted: Tapestry (parent company of Coach, Kate Spade, and Stuart Weitzman), financial markets potentially impacted due to CEO resignation and leadership changes
Financial Rating Justification: The article discusses the resignation of Tapestry’s CEO Jide Zeitlin due to personal reasons and an ongoing investigation. This could have significant implications for the company’s future direction, as well as its financial performance and stock price. Additionally, the appointment of interim leaders may impact investor confidence and market sentiment.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article.
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