By Christiana Sciaudone
Investing.com -- Tapestry (NYSE:TPR) rose 3.3% Tuesday after the head of the company departed after less than a year in the role.
Jide Zeitlin resigned from the CEO role for “personal reasons," the company said.
The parent company of Coach and Kate Spade had hired a law firm to investigate allegations raised by at least one woman, The Wall Street Journal reported, citing people familiar. The woman accused Zeitlin of posing as a photographer under an alias to lure her into a romantic relationship more than a decade ago.
"In the past month, a woman I photographed and had a relationship with more than ten years ago reached out to various media organizations to express her concerns about what had occurred," the WSJ said, citing a statement by Zeitlin. "I felt compelled to resign today because I do not want to create a distraction for Tapestry, a company I care deeply about."
Chief Financial Officer Joanne Crevoiserat has been appointed interim chief executive officer. Zeitlin became CEO in September, and had been chairman of the board since 2014.