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Capri Holdings has ditched its CEO succession plan.
Just months after he took on the role, Joshua Schulman will step down as CEO of the Michael Kors brand, parent company Capri said Monday. Schulman was slated to become CEO of Capri later this year.
Shares of the company, whose brands also include Jimmy Choo and Versace, slipped nearly 12% in late morning trade.
Chairman and CEO John D. Idol will remain in his position as part of a move to “execute growth initiatives” at the luxury fashion company.
Schulman, the former CEO of Coach, took over the Kors CEO role from Idol in September.
“Michael Kors has a talented management team in place that will continue to execute on its strategic initiatives,” said Idol. “The Board and I remain extremely optimistic about the future growth of Michael Kors and Capri Holdings. We are grateful to Josh for his contributions to our organization.”
Idol also said that Capri Holdings is seeing strong results and is well-positioned to achieve long-term revenue. The company has recently reported increases in earnings and revenue.