As a result, Joanne Crevoiserat, Chief Financial Officer, has been appointed Interim Chief Executive Officer, while Todd Kahn, President, Chief Administrative Officer and Company Secretary, will serve as Interim Chief Executive Officer and Brand President of Coach. Andrea Shaw Resnick, Global Head of Investor Relations and Corporate Communications, has been named Interim Chief Financial Officer, and Susan Kropf, Lead Independent Director, has been appointed Chair of the Board of Directors. Tapestry said it is commencing a search for a permanent Chief Executive Officer, which will include internal and external candidates.
The company expects to report fiscal fourth quarter results on Thursday, August 13, 2020. These results, though pressured by the Covid-19 pandemic, are said to exceeded internal expectations from a top and bottom-line perspective. Importantly, gross margin expanded on a year-over-year basis, reflecting lower promotional activity, while inventory declined from the prior year. In addition, Tapestry ended the year with a significant cash balance of approximately $1.4 billion.
Tapestry’s portfolio of brands includes Coach, Kate Spade and Stuart Weitzman.