Michael Kors CEO Cedric Wilmotte exits; John Idol assumes CEO role; Philippa Newman promoted to CPO

Capri Holdings Ltd

Cedric Wilmotte, CEO of Michael Kors, leaves Capri Holdings effective Nov 26; garden leave through March 29, 2025.
John D. Idol, Capri Holdings CEO, will serve as Michael Kors CEO; Philippa Newman named Michael Kors Chief Product Officer.
Newman, former President of Accessories and Footwear, will oversee design, merchandising, production, and licensing.
Wilmotte receives $1M base salary continuation, $1M target cash incentive for FY2025, and $500K cash payment.
Reorganization intended to stabilize revenues and return Michael Kors to growth, per the company.

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