Tapestry — parent company of Coach, Kate Spade and Stuart Weitzman — has announced the retirement of COO Tom Glaser. CFO Scott Roe, with 30 years of retail finance and operations experience under his belt, will take on the COO role in addition to his current responsibilities, effective immediately. Glaser will stay on until Oct. 1, 2022 to ensure a seamless transition.
In the newly created dual role, Roe will continue to lead the finance organization while expanding his scope to include oversight of operations across Tapestry’s multi-brand platform, including supply chain and information technology. The company’s Strategy and Consumer Insights team, which formerly reported to Roe, will now fall under the purview of CEO Joanne Crevoiserat.
“During his tenure, Tom has played an important role in the execution of our acceleration program and our ability to successfully navigate the effects of the pandemic,” said Crevoiserat in a statement. “He leaves us with a solid foundation in place and a strong team of tenured leaders. At this same time, I am delighted to announce the appointment of Scott to the dual role of Chief Financial Officer and Chief Operating Officer. Since Scott joined Tapestry in June 2021, he has been a great partner to me and has a unique and unparalleled understanding of multi-brand companies.”
“Tapestry is an exceptional company with iconic global brands and a disciplined focus on delivering results,” said Roe in a statement. “I’m excited about my new, expanded role and the opportunity to drive continued growth and profitability for the company.”
Combining the COO and CFO roles is becoming increasingly popular, with other retailers such as Torrid having recently done the same. In fact, a 2019 study from the Journal of Management Accounting Research found that combining the two roles had no adverse effects on the businesses it studied and can lead to operational and fiscal efficiencies.