NEW YORK - Tapestry, Inc. (NYSE: NYSE:TPR), the parent company of Coach , Kate Spade, and Stuart Weitzman, has announced the addition of Kevin Hourican and David Elkins to its Board of Directors. The appointments increase the board's membership to eleven, with ten serving as independent directors.
Hourican is currently the President and CEO of Sysco Corporation (NYSE: NYSE:SYY), where he has led significant growth-focused transformations since February 2020. With a background that includes executive roles at CVS Health (NYSE:CVS) Corporation and Macy's (NYSE:M), Hourican brings extensive experience in retail and supply chain management to the Tapestry board.
Elkins serves as the Executive Vice President and CFO of Bristol Myers Squibb (NYSE: NYSE:BMY), bringing with him a wealth of strategic and financial expertise. His professional history includes high-level financial positions at Celgene (NASDAQ:CELG), Johnson & Johnson, Becton, Dickinson & Company, and AstraZeneca (NASDAQ:AZN).
Joanne Crevoiserat, CEO of Tapestry, expressed confidence in the value the new board members will add, particularly at a pivotal time for the company. Anne Gates, Chair of the Board, echoed this sentiment, highlighting the strategic and financial acumen of Hourican and Elkins.
In their respective statements, both Hourican and Elkins expressed enthusiasm for joining Tapestry's board, recognizing the company's global brand presence and its commitment to innovation and shareholder returns. They look forward to contributing to the company's ongoing growth and strategic initiatives.
This news is based on a press release statement from Tapestry, Inc.
InvestingPro Insights
As Tapestry, Inc. (NYSE: TPR) welcomes new expertise to its Board of Directors, the company's financial health and market performance remain key factors for investors. An InvestingPro Tip highlights that Tapestry has raised its dividend for 3 consecutive years, signaling a commitment to delivering shareholder returns in the midst of expanding its leadership team. Additionally, the company's gross profit margins are particularly impressive, as reflected in the recent financial data, underscoring Tapestry's ability to maintain profitability in a competitive retail landscape.
InvestingPro Data indicates that Tapestry's Market Cap stands at 10.95B USD, with a P/E Ratio of 11.89, which is considered low relative to near-term earnings growth. The Gross Profit Margin for the last twelve months as of Q2 2024 is a robust 72.28%, further emphasizing the company's strong operational performance. Investors might also be encouraged by the company's revenue growth, which was 2.01% over the last twelve months as of Q2 2024. These metrics suggest that Tapestry is not only growing but also managing its finances effectively.
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