Tapestry Looks for New CEO for Struggling Kate Spade Brand (1)

Luxury conglomerate Tapestry Inc. said that the head of its beleaguered Kate Spade brand is leaving and the search for a new chief executive officer is underway.

Current CEO Anna Bakst will leave at year-end and be replaced on an interim basis by Chief Financial Officer Joanne Crevoiserat, the company said in a statement. Tapestry CEO Jide Zeitlin said the brand’s quarter-to-date performance is “on track” and “we are confident in our ability to meet our holiday season goal.”

The Kate Spade brand has been the weak spot within the Tapestry portfolio. The company suffered a slew of ...