Tapestry, Inc. TPR, the New York-based house of luxury accessories and lifestyle brands, has named Jide Zeitlin as its new CEO.
Zeitlin succeeds Victor Luis, who is leaving the company and its board of directors. Susan Kropf, a member of the Tapestry board, has been named lead independent director. Both appointments are effective immediately.
Tapestry maintained its fiscal 2020 financial outlook and continues to expect to return approximately $700 million to shareholders through its dividend and repurchase programs.
Zeitlin was first elected to Tapestry's board of directors in June 2006 and has served as the chairman of the board since November 2014. He spent the first 20 years of his career at Goldman Sachs GS, where he held a number of senior management positions, including as a member of Goldman Sachs's executive office and serving as global chief operating officer of their investment banking businesses.
Tapestry shares were trading up 2.5% at $20.95 in Wednesday’s pre-market session. The stock has a 52-week high of $51.29 and a 52-week low of $18.54.
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