Tapestry, Inc. (NYSE: TPR), a leading New
York-based house of modern luxury accessories and lifestyle brands
including Coach, Kate Spade, and Stuart Weitzman, today announced
that Tom Glaser, 61, the Company’s Chief Operations Officer, has
decided to retire. To ensure a seamless transition, he will remain
with the Company until October 1st. Effective immediately, and in
keeping with Tapestry’s succession planning, Scott Roe, who has
been Chief Financial Officer since June 2021, will take on
additional responsibility as Chief Operating Officer.
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Scott Roe (Photo: Business Wire)
In this newly created dual role, Scott will continue to lead the
finance organization while expanding his scope to include oversight
of operations across Tapestry’s multi-brand platform, including
Supply Chain and Information Technology. As part of these changes,
the Company’s Chief Executive Officer, Joanne Crevoiserat, will
assume direct oversight of Tapestry’s Strategy and Consumer
Insights team, which formerly reported to Scott Roe.
“During his tenure, Tom has played an important role in the
execution of our Acceleration Program and our ability to
successfully navigate the effects of the pandemic. He leaves us
with a solid foundation in place and strong team of tenured
leaders. We thank him for his many contributions and wish him all
the best in his retirement,” said Joanne Crevoiserat, Chief
Executive Officer of Tapestry, Inc. “At this same time, I am
delighted to announce the appointment of Scott, a seasoned industry
executive with more than 30 years of retail finance and operations
experience, to the dual role of Chief Financial Officer and Chief
Operating Officer. Since Scott joined Tapestry in June 2021, he has
been a great partner to me and has a unique and unparalleled
understanding of multi-brand companies. I am very confident that
Scott, together with our talented teams, will continue to optimize
our robust operating platform as we move forward.”
Tom Glaser added, “It has been a privilege to be part of
Tapestry over the last three years, and to partner with such an
amazing group of people. I am proud of our significant progress,
and I look forward to following the Company’s success in the years
ahead.”
“Tapestry is an exceptional company with iconic global brands
and a disciplined focus on delivering results", said Scott Roe.
“I’m excited about my new, expanded role, and the opportunity to
drive continued growth and profitability for the Company.”
The Company is maintaining its Fiscal 2022 financial outlook and
expects to report fiscal 2022 fourth quarter and full year results
on Thursday, August 18, 2022. In addition, the Company plans to
host an Investor Day on September 9, 2022 to discuss its long-term
strategic initiatives and financial outlook.
About Tapestry, Inc.
Our global house of brands unites the magic of Coach, Kate spade
new york and Stuart Weitzman. Each of our brands are unique and
independent, while sharing a commitment to innovation and
authenticity defined by distinctive products and differentiated
customer experiences across channels and geographies. We use our
collective strengths to move our customers and empower our
communities, to make the fashion industry more sustainable, and to
build a company that’s equitable, inclusive, and diverse.
Individually, our brands are iconic. Together, we can stretch
what’s possible. To learn more about Tapestry, please visit
www.tapestry.com. For important news and information regarding
Tapestry, visit the Investor Relations section of our website at
www.tapestry.com/investors. In addition, investors should continue
to review our news releases and filings with the SEC. We use each
of these channels of distribution as primary channels for
publishing key information to our investors, some of which may
contain material and previously non-public information. The
Company’s common stock is traded on the New York Stock Exchange
under the symbol TPR.
This information to be made available in this press release may
contain forward-looking statements based on management's current
expectations. Forward-looking statements include, but are not
limited to, the statements that can be identified by the use of
forward-looking terminology such as "may," "will," “can,” "should,"
"expect," “potential,” "intend," “plans to,” "estimate,"
"continue," "project," "guidance," "forecast," “outlook,” “commit,”
"anticipate," “goal,” “leveraging,” “sharpening,” transforming,”
“creating,” accelerating,” “enhancing,” “innovation,” “drive,”
“targeting,” “assume,” “plan,” “progress,” “confident,” “future,”
“uncertain,” “on track,” “achieve,” “strategic,” “growth,” “we see
significant growth opportunities,” “view,” “stretching what’s
possible,” or comparable terms. Future results may differ
materially from management's current expectations, based upon a
number of important factors, including risks and uncertainties such
as the impact of the Covid-19 pandemic, including impacts on our
supply chain, the ability to control costs and successfully execute
our growth strategies, expected economic trends, the ability to
anticipate consumer preferences, risks associated with operating in
international markets and our global sourcing activities, our
ability to achieve intended benefits, cost savings and synergies
from acquisitions, the risk of cybersecurity threats and privacy or
data security breaches, the impact of pending and potential future
legal proceedings, and the impact of legislation, etc. In addition,
purchases of shares of the Company’s common stock will be made
subject to market conditions and at prevailing market prices.
Please refer to the Company’s latest Annual Report on Form 10-K,
quarterly report on 10-Q and its other filings with the Securities
and Exchange Commission for a complete list of risks and important
factors. The Company assumes no obligation to revise or update any
such forward-looking statements for any reason, except as required
by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220804005243/en/
Tapestry, Inc.
Media: Andrea Shaw Resnick Chief Communications Officer
212/629-2618 aresnick@tapestry.com
Analysts and Investors: Christina Colone Global Head of Investor
Relations 212/946-7252 ccolone@tapestry.com
Kelsey Mueller 212/946-8183 Director of Investor Relations
kmueller@tapestry.com
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