Capri Holdings (CPRI) announced that Michael Kors is reorganizing its leadership team. John Idol, chairman and CEO of Capri Holdings, will assume the role of CEO of Michael Kors. Effective December 2, Philippa Newman will be promoted to Michael Kors chief product officer. Newman joined Michael Kors over 14 years ago having most recently served as the president of accessories and footwear. In this new role, Newman will report to Idol and oversee merchandising, production, licensing and design across all product categories, in partnership with chief creative officer Michael Kors. Additionally, as part of its reorganization plans and expense reduction initiatives, the company announced that Cedric Wilmotte will leave the organization.
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