Jide Zeitlin said, ‘I felt compelled to resign today because I do not want to create a distraction for Tapestry.’
Photo: Tapestry Inc.Jide Zeitlin resigned as the chairman and chief executive of Tapestry Inc. TPR 5.45% amid a board investigation into his personal behavior, according to people familiar with the situation.
The parent company of Coach and Kate Spade said Mr. Zeitlin had resigned Tuesday for personal reasons after less than a year in the role.
The board hired the law firm Fried, Frank, Harris, Shriver & Jacobson LLP to investigate allegations raised by at least one woman, the people said. The woman accused Mr. Zeitlin of posing as a photographer under an alias to lure her into a romantic relationship more than a decade ago, the people said.
“In the past month, a woman I photographed and had a relationship with more than 10 years ago reached out to various media organizations to express her concerns about what had occurred,” Mr. Zeitlin said in a statement Tuesday. “I felt compelled to resign today because I do not want to create a distraction for Tapestry, a company I care deeply about.”
Mr. Zeitlin, a former Goldman Sachs Group Inc. investment banker, joined the company’s board in 2006 and had been chairman since November 2014. He took over as Tapestry CEO last September after the company ousted Victor Luis. The Nigerian-born executive was one of the few Black CEOs in the Fortune 500.
In announcing his exit, Tapestry didn’t discuss the allegations or board investigation but said Mr. Zeitlin’s departure didn’t result from any disagreement with the company or matter relating to its finances or operations. Tapestry is expected to report financial results on Aug. 13 and said results exceeded internal expectations.
Susan Kropf, who took over as board chair, praised Mr. Zeitlin’s service as a director and CEO. “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.”
In his statement, Mr. Zeitlin said, “It has been a privilege to lead Tapestry with its powerful brands and outstanding people. I have incredible belief in the Company’s growth potential as each brand sharpens its focus on meeting the broad and diverse needs of their consumers.”
In 2007, Mr. Zeitlin and the woman, a model looking for headshots, met on an website where he posed as a photographer under an alias, one of the people familiar with the situation said. Mr. Zeitlin and the woman entered into a romantic relationship, but he never disclosed his true identity, this person said.
Mr. Zeitlin was nominated in 2009 by then-President Obama to serve as an envoy to the United Nations for financial overhaul. After being approved by the Senate Foreign Relations Committee, he withdrew his nomination, citing personal reasons. The woman played a role in quashing his nomination, the person said.
Mr. Zeitlin, who was adopted and raised in the U.S., went to Amherst College and got an MBA from Harvard Business School. He spent nearly two decades at Goldman Sachs, where he held senior management roles in the investment banking division, including global chief operating officer, before founding the investment firm Keffi.
In 2007, American Tower Corp., which operates wireless towers, filed a lawsuit accusing Mr. Zeitlin of impersonating its chief executive in an email. Mr. Zeitlin later said it was a joke that was misunderstood. American Tower withdrew the suit.
He currently serves on the board of Affiliated Managers Group Inc., a publicly traded investment manager and is chairman of the Nigeria Sovereign Investment Authority. He is also chairman emeritus of Amherst College.
Tapestry said Joanne Crevoiserat, its chief financial officer, would serve as interim CEO while it conducts a search for a successor. Andrea Shaw Resnick, global head of investor relations and corporate communications, will serve as Tapestry’s interim chief financial officer.
Write to Suzanne Kapner at Suzanne.Kapner@wsj.com and Telis Demos at telis.demos@wsj.com
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