Michael Kors CEO Steps Down
After only seven months at the helm of Michael Kors, CEO Joshua Schulman is stepping down. In addition, John D. Idol will remain as chairman and CEO of Capri Holdings, the global fashion luxury group that owns the Michael Kors brand.
Schulman was previously poised to take on the CEO role at Capri Holdings, which announced the succession plans in August 2021. He joined Capri Holdings from Tapestry, where he was previously president and CEO of the Coach brand. He was also previously with Neiman Marcus Group serving as president of Bergdorf Goodman from 2012 to 2017, as well as CEO of Jimmy Choo. He also held senior roles at Yves Saint Laurent and Gucci.
“Michael Kors has a talented management team in place that will continue to execute on its strategic initiatives,” Idol said in a news release. “The strategies that we put in place prior to the pandemic have been generating strong consumer demand and driving higher profitability as we continue to elevate brand positioning. The Board and I remain extremely optimistic about the future growth of Michael Kors and Capri Holdings. We are grateful to Josh for his contributions to our organization.”
Costco Promotes From Within for Chief Merchant
Costco has promoted Claudine Adamo to executive vice president and chief merchandising officer. She previously served as senior vice president, merchandising/non-foods and e-commerce.
Adamo steps into the role after it was vacated by Ron Vachris, who was promoted to COO last month. Adamo’s promotion was announced during the company’s second quarter earnings call this month. She is a 30-year veteran of the warehouse retailer.
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Ralph Lauren Exec Resigns After Misconduct
Howard Smith, executive vice president and chief commercial officer, resigned from Ralph Lauren, according to an SEC document. His resignation is effective April 2, 2022.
The sudden departure stems from “allegations regarding Mr. Smith’s personal conduct,” according to the document. The retailer’s audit committee of the board of directors initiated an investigation with the assistance of outside counsel regarding his conduct, though violations of conduct were not disclosed.
“Because the investigation revealed conduct that violated the company’s code of business conduct and ethics and other policies, the board concluded that Mr. Smith’s resignation was necessary,” the document read.
Smith originally joined Ralph Lauren in 2002.