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.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CPRI:
- Capri Holdings upgraded to Buy at Guggenheim on portfolio’s intrinsic value
- Capri Holdings upgraded to Buy from Neutral at Guggenheim
- Target downgraded, Chewy upgraded: Wall Street’s top analyst calls
- Capri Holdings reinstated with an Equal Weight at Barclays
- Tapestry price target raised to $67 from $58 at Telsey Advisory