Shares of luxury clothing and accessories maker Tapestry (TPR) - Get Report moved higher on Wednesday after the owner of Coach, Kate Spade and other luxury brands announced that its long-time CEO, Victor Luis, was stepping down from the company after 13 years at its helm.

In a statement, the New York-based company said current board Chairman Jide Zeitlin will take over the role of CEO, effective immediately. The company also announced that Susan Kropf, a current member of the Tapestry board, has been named lead independent director. Zeitlin will continue in his role as chairman.

Zeitlin was elected to the company's board in June 2006 and has served as chairman since November 2014. He spent the first 20 years of his career at Goldman Sachs where he held several senior management positions before joining what used to be called Coach.

The moves come as the parent company of high-end luxury fashion brands has seen its share price plunge of late amid weaker sales, particularly within its recently acquired Kate Spade line, as well as tempered expectations among analysts. 

The New York-based company in August reported fiscal fourth-quarter net income of $148.9 million, or 51 cents a share, vs. $211.7 million, or 73 cents a share in the comparable year-ago quarter. Analysts polled by FactSet had been expecting earnings of 61 cents a share.

Tapestry shares gained 4.11% to $21.28 in trading on Wednesday.