Schulman became chief executive of Michael Kors last August and was slated to succeed Idol at the helm of Capri Holdings later this year. On Mar. 7, the company announced that Idol will remain at the company as CEO and chairman but Schulman will leave.

“At Capri Holdings, we are executing against our clear strategic vision for growing our three powerful fashion luxury brands and seeing strong results,” Idol said in a statement. “We remain well-positioned to achieve meaningful long-term revenue and earnings growth as well as deliver increased value for our shareholders.”

“Michael Kors has a talented management team in place that will continue to execute on its strategic initiatives,” he added. “The strategies that we put in place prior to the pandemic have been generating strong consumer demand and driving higher profitability as we continue to elevate brand positioning ... We are grateful to Josh for his contributions to our organization.”

Capri did not respond to a request for comment. The company’s stock price fell 12 percent on Monday following the announcement.

Capri is back on track for its growth trajectory after a pandemic-inflicted dip in sales in 2020. In its most recent earnings report for the three months ending on Dec. 25, 2021, the company posted $1.6 billion in revenue — a 24 percent uptick compared to the same period last year. Sales also exceeded that of 2019.

Idol has been CEO of Capri and head of Michael Kors since 2003. Under his tenure, the company bought Jimmy Choo and Versace. He told investors last year that the group aims to generate $7 billion in annual revenue after 2023, with an operating margin of 20 percent.

Schulman joined Capri in 2020 from Tapestry, where he was chief executive of Coach for three years.

Learn more:

Michael Kors’ New CEO Joshua Schulman Joins the Brand at a Critical Time

The former Coach chief is tasked with speeding the transformation of Capri Holdings’ largest brand into a true luxury player before taking the helm of the entire group next year.