NEW YORK (AP) — Coach says that its longtime CEO Lew Frankfort will step down next year and be replaced by its current head of international operations.
The upscale purse and accessories seller said Thursday that Victor Luis will become CEO in January and Frankfort will be executive chairman.
Frankfort joined Coach in 1979 as a vice president of business development. Named chairman and CEO in 1995, he shepherded Coach through an initial public offering in 2000 and oversaw the company's growth into a global luxury brand.
Luis became president of Coach's international business a year ago after joining the New York-based company in 2006. Coach on Thursday appointed him president of the company and chief commercial officer, and named him to the board.