Dive Brief:
- Scott Roe, CFO of luxury fashion holding company Tapestry, added the chief operating officer (COO) responsibility to his portfolio as the company’s former COO Tom Glaser announced his retirement, effective immediately, according to a Thursday company announcement.
- The expansion of responsibilities for Roe follows a recent trend for CFOs. CFOs are looking to take on more strategic roles focused on crisis management, and they are also seeking to have an input in determining how their businesses can adapt to trends.
- In order to facilitate a smooth transition, Glaser is planning to stay with the company until Oct.1.
Dive Insight:
In his new dual role, Roe will expand his scope to oversee supply chain and information technology as well as continue his financial responsibilities. Fashion giant Tapestry includes brands like Coach, Stuart Weitzman and Kate Spade.
The managerial shift allows CEO Joanne Crevoiserat to now directly oversee the company’s strategy and consumer insights team. That team formerly reported to Roe, per the statement.
Reporting from recent years has shown a rise in this type of CFO-COO duality. In 2019, an American Accounting Association report found that CFOs have continually expanded their roles into management. More recently, in 2021, a Mckinsey survey found that finance leaders are becoming more focused on crisis management and less on longer-term responsibilities such as strategic leadership, organizational change, and finance capabilities.
More specifically, the survey found that the CFO’s responsibilities have grown more in the digital space, and finance leaders have been paying particular attention to how digital and finance intersect. Between 2016 to 2021, the share of finance leaders who say that they are responsible for their companies’ digital activities has more than tripled.
The New York-based Tapestry is not alone in combining these C-suite positions. True Religion, a clothing brand, merged its CFO and COO roles with the appointment of Sandip Grewal to the position in July. TrueCar, an automotive and pricing information website for new and used car buyers, followed this trend as well.
Roe has only been at Tapestry for a little over a year, joining in 2021. Before then, he served as CFO and executive vice president at VF Corporation, an apparel, footwear and accessories company, according to his LinkedIn profile.
Tapestry is set to report Q4 earnings and year-end results on Aug.18.
