Tapestry loses CEO
Former CEO Jide Zeitlin of luxury fashion company Tapestry, which is responsible for the ownership of Coach, Kate Spade, and Stuart Weitzman. Made the wise decision to resign this week due to inappropriate misconduct allegations against him. He was with the company for 15 years. An unidentified woman has accused Zeitlin of posing as a photographer.
According to sources reported to the Wall Street Journal(WSJ). The anonymous woman was an inspiring model looking to obtain headshots. Zeitlin then posed a photographer to lure her in. it ultimately led to a romantic relationship between the pair. The encounter between the two traces back to 2007.
Zeitlin made an official statement to the Wall Street Journal. Stating the women and him had relations with each other nearly 10 years ago.The unidentified woman unexpectedly reached out to multiple news publications. To tell her version of events that transpired. Without further investigation from Tapestry. Zeitlin made the right decision to resign from his position. He was not forced or advised.
Prior to his career beginning at Tapestry in 2006. Zeitlin worked as an investment banker for Goldman Sachs, in 2014 he became chairman of Tapestry. Zeitlin was a prominent figure in business. In 2009 former President Barack Obama nominated him to act as envoy for the United Nations for financial overhaul. Shockingly, Zetlin removed himself as a nominee due to personal reasons. At the time, It has been discovered the same unidentified women contacted many news outlets and government offices. To inform people of their relationship.
Personally, I find this situation sad, there aren't as many black people that have high positions in the fashion industry. Zeitlin had the power to truly change the industry for the better
He could have used his position to bring more positive attention to the black community in fashion. Jide Zetilin was one of the very few black men to run a fortune 500 company. His abrupt decision to leave Tapestry, shows his guilt in this situation. Tapestry made the executive decision to promote their chief financial officer Joanne Crevoiserat as temporary CEO. The board members of Tapestry have hired a law firm to better investigate the misconduct claims.