Tapestry CEO Departs, New Interim CEO Appointed

TL;DR

Tapestry CEO Joanne Crevoiserat is out, Tom Nickles is in as interim. Full year sales hit $6.7B.

AI Summary

Tapestry, Inc. announced on July 30, 2024, that Joanne Crevoiserat will step down as CEO, effective August 19, 2024. She will be succeeded by Tom Nickles, who will also serve as interim CEO. The company also reported its fourth-quarter and full-year results, with net sales for the full year reaching $6.7 billion.

Why It Matters

The departure of a CEO and the appointment of an interim successor can signal a period of transition and potential strategic shifts for the company, impacting investor confidence and future performance.

Risk Assessment

Risk Level: medium — CEO transitions can introduce uncertainty regarding future strategy and leadership stability.

Key Numbers

• $6.7 billion — Full-year net sales (Indicates the company's overall revenue performance for the fiscal year.)

Key Players & Entities

• Tapestry, Inc. (company) — Registrant
• Joanne Crevoiserat (person) — Outgoing CEO
• Tom Nickles (person) — Incoming Interim CEO
• $6.7 billion (dollar_amount) — Full-year net sales
• July 30, 2024 (date) — Report date
• August 19, 2024 (date) — Effective date of CEO transition

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value TPR New York Stock Exchan

Filing Documents

• ef20033429_8k.htm (8-K) — 30KB
• ef20033429_ex99-1.htm (EX-99.1) — 17KB
• image00001.jpg (GRAPHIC) — 2KB
• 0001140361-24-035202.txt ( ) — 187KB
• tpr-20240730.xsd (EX-101.SCH) — 4KB
• tpr-20240730_lab.xml (EX-101.LAB) — 21KB
• tpr-20240730_pre.xml (EX-101.PRE) — 16KB
• ef20033429_8k_htm.xml (XML) — 4KB

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. The information contained in the Press Release incorporated in Item 8.01 below regarding Tapestry, Inc.'s (the " Company " or " Tapestry ") fiscal year 2024 performance is hereby incorporated by reference into this Item 2.02. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Departure of CEO & Brand President, Kate Spade On August 1, 2024, the Company announced that Liz Fraser, the CEO & Brand President of Kate Spade, will be leaving the Company. Under the terms of her employment offer letter and the Company's severance plan, Ms. Fraser is eligible to receive twelve (12) months of base salary and her fiscal year 2024 annual incentive plan payment. Ms. Fraser is also eligible to receive severance event treatment of her outstanding equity awards. These payments are subject to her signing a separation and release agreement, as described in the Company's proxy statement for the Company's fiscal year ended July 1, 2023. Ms. Fraser is expected to remain employed by the Company through September 1, 2024. On August 1 , 2024, the Company issued a press release concerning the departure of Ms. Fraser. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

01 Other Events

Item 8.01 Other Events. On August 1, 2024, the Company issued a press release announcing the appointment of Eva Erdmann as CEO & Brand President of Kate Spade. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. The following exhibits are being furnished herewith: 99.1 Text of Press Release, dated August 1, 2024 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: August 1, 2024 TAPESTRY, INC. By: /s/ David E. Howard David E. Howard General Counsel and Secretary EXHIBIT INDEX 99.1 Text of Press Release, dated August 1, 2024