Zeitlin resigned after Tapestry launched an investigation last week into the CEO’s conduct. The company hired the law firm Fried, Frank, Harris, Shriver & Jacobson to handle the inquiry, which appears to have been prompted by 60 questions I sent the company on June 23 for this article. Zeitlin was allowed to resign, rather than be fired, and received no severance payment.
The resignation represented a calamitous fall for Zeitlin, 56, one that was nearly as improbable as his rise. Born in Nigeria, the son of a maid, Zeitlin was largely brought up by an American family (which eventually became his legal guardian) and rose to become a rare Black partner at Goldman Sachs before eventually becoming one of only five Black CEOs among Fortune 500 companies.
Zeitlin enjoyed a gilded reputation. His partnership at Goldman Sachs earned him more than $100 million when the firm went public and placed him in the financial elite. And Tapestry thrived during his brief tenure as CEO, at least until the pandemic ravaged the business. “What stood out was the thoughtful assessment, new initiatives, methodical approach, and proactive tone from new CEO Jide Zeitlin,” a research analyst at Evercore ISI wrote in February.