Tapestry said Monday Jide Zeitlin, its chairman and CEO, has agreed to stay with the luxury goods retailer over the next three years to work on its plans to restore growth.
Joshua Schulman, the CEO and brand president of Coach, will leave the company after a transition period, Tapestry said in a press release Monday.
Zeitlin, a former executive at Goldman Sachs, took over Tapestry last year. He will oversee the Coach brand until a replacement for Schulman is named.
"Since becoming CEO, I have had the opportunity to immerse myself in the Company, including leading an in-depth review of the brands and businesses," Zeitlin said in a press release.
He said he sees an opportunity to boost growth at Coach, Kate Spade and Stuart Weitzman by leveraging each brand's "differentiated positioning and strong consumer connections."
Tapestry shares were down less than 1% in extended trading Monday. The stock, which has a market cap of $5.1 billion, is down more than 45% over the past year. Earlier Monday, it hit an intraday 52-week low of $18.13.