Tapestry CEO Jide Zeitlin Resigns Suddenly

Tapestry, Inc. TPR CEO Jide Zeitlin officially resigned from his role on Tuesday and a replacement is yet to be announced.

Zeitlin’s departure comes amid a board investigation into his personal behavior, reports The Wall Street Journal.

What To Know: The New York-based house of luxury accessories and lifestyle brands named Zeitlin as its new CEO in September 2019. Zeitlin was first elected to Tapestry's board of directors in June 2006 and had 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's Statement: "Jide has made meaningful contributions to Tapestry over the past 14 years, first as a director, and then as chairman, and most recently as CEO,” said Susan Kropf, Tapestry’s chair of the board. “During his tenure as CEO, he played a key role in driving the development of Tapestry’s strategic growth agenda. Importantly, he led with purpose during these unprecedented times. We thank him for all he has done for the company and remain committed to continuing this important work."

Tapestry expects to report fiscal fourth-quarter results on August 13.

Tapestry shares were trading up 3.43% at $13.57 on Tuesday. The stock has a 52-week high of $31.04 and low of $10.18.