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Capri Holdings shares fall after Michael Kors parent ditches CEO succession plan

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Joshua Schulman can be seen attending Michael Kors private Cocktail Party in Celebration his 40th Anniversary on September 23, 2021, Milan, Italy.

Victor Boyko | Getty Images

Capri Holdingsdiscarded its succession plan for the CEO.

Joshua Schulman, who was appointed CEO of Michael Kors Brand, will retire just months later, Capri parent company Capri announced Monday. Capri was to have Schulman as its CEO. later this year.

In late morning trade, shares fell by nearly 12% for the company, whose brands include Versace and Jimmy Choo.

As part of an effort to “execute growth initiatives” at the luxury fashion brand, John D. Idol will continue as Chairman and CEO.

Schulman was the ex-CEO of Coach and took the Kors CEO position from Idol on September 7.

Idol stated that Michael Kors is a well-managed company with a strong management team, which will carry out its strategic goals. “The Board and me remain very optimistic about Capri Holdings and Michael Kors’ future growth,” said Idol. Josh’s contributions to the organization are greatly appreciated.

Idol said also that Capri Holdings was seeing good results and is well-positioned for long-term growth. Recently, the company reported an increase in revenues and earnings.

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