Capri Holdings Limited, formerly Michael Kors Holdings Limited, has said that Joshua Schulman, CEO of Michael Kors, will resign from his post.
The new comes seven months after Schulman took over the reigns of the luxury group.
It is important to state here that Schulman was all set to become the CEO of Capri Holdings in September – succeeding present CEO John Idol.
Capri Holdings is the proprietor of renowned brands Michael Kors, Jimmy Choo and Versace.
In a statement released to media, John said “We remain well-positioned to achieve meaningful long-term revenue and earnings growth as well as deliver increased value for our shareholders.”
He added that he is fully committed to continuing to lead Capri Holdings and driving its future success.
While applauding Schulman for his contributions to the organisation, John also said that the board was extremely optimistic about the future growth of Michael Kors and Capri Holdings.
Also there are reports that in accordance with a regulatory submitting, Schulman will proceed to obtain his US $ 1.3 million base wage for 2 years in addition to US $ 5.2 million and a discount in his non-compete obligations from 2 years to September 2022.
Founded in 1981, Capri Holdings sells apparels, shoes, watches, handbags and other accessories.
