Tapestry merges Chief Operating Officer and Chief Financial Officer positions.
Tapestry Announces Retirement of COO Tom Glaser, Appoints Scott Roe as Dual CFO and COO
In a company press release on Thursday, Tapestry Inc. announced the retirement of Chief Operations Officer (COO) Tom Glaser, effective October 1. The three-year Tapestry veteran will be succeeded by Scott Roe, who will take on a dual role as both CFO and COO, effective immediately.
The leadership shuffle includes CEO Joanne Crevoiserat assuming oversight of the Strategy and Consumer Insights team, a role previously held by Roe.
Having joined Tapestry in June 2021, Roe is now adding the COO role to his responsibilities. As part of the changes, Roe will lead the finance organization and oversee operations across Tapestry's brands, which include Coach, Kate Spade, and Stuart Weitzman. He will also preside over the company's supply chain and IT operations.
"Scott has been an invaluable partner since joining Tapestry, demonstrating a deep understanding of multi-brand companies," Crevoiserat said in a statement. "I am confident that, along with our talented teams, Scott will continue to optimize our operating platform as we move forward."
Prior to Tapestry, Roe spent more than two decades at VF Corporation, where he held various leadership positions, including CFO from 2015 until his departure.
A growing trend among retailers includes combining the COO and CFO roles into a single position. On Wednesday, DTC apparel company Torrid announced the appointment of Guitar Center vet Tim Martin as its COO and CFO. Jeans company True Religion made a similar move in July with the hiring of Sandip Grewal.
While not directly related to Tapestry's announcement, it is worth noting that Honeywell recently discussed combining the roles of Chairman and CEO under Mr. Kapur to enhance decision-making speed and agility. Zions Bank also combines the roles of Chairman and CEO, noting that this structure facilitates a single, focused leadership to implement strategic initiatives.
Scott Roe, in his new role as both CFO and COO at Tapestry Inc., will lead the finance organization and oversee operations across the brands Coach, Kate Spade, and Stuart Weitzman. This growing trend of combining the COO and CFO roles can be seen in other retail companies such as DTC apparel company Torrid and jeans company True Religion. The use of artificial intelligence (AI) in finance and business leadership could potentially optimize decisions made by companies in the future.
