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Coach, Inc. (NYSE: COH, SEHK: 6388), a leading marketer of modern classic American accessories, today announced that following a multi-year succession process, Victor Luis has been appointed President and Chief Commercial Officer. Concurrently, he has joined the Board of Directors. He will become Chief Executive Officer in January 2014. Lew Frankfort will continue as Chairman and Chief Executive Officer during this interim period and will then become Executive Chairman.
Victor Luis has most recently served as President, International Group, with oversight for all of Coach’s businesses outside North America. He has been a member of the company’s senior leadership team for the past seven years and has led Coach’s successful expansion strategy in Asian markets. As Chief Commercial Officer, Mr. Luis will now be responsible for all business units, merchandising, licensing, corporate strategy and consumer insights.
Lew Frankfort, Chairman and Chief Executive Officer of Coach, Inc. said, “I’m very pleased with Victor’s appointment. He has demonstrated the passion, strategic vision, focus, superb execution and strong values that make an outstanding leader. Through Victor’s relentless drive and performance, he has spearheaded our meteoric growth in Asia. Victor has also developed talent and forged collaborative teams across geographies. I am confident in his leadership as we execute Coach’s transformation to a global lifestyle brand anchored in accessories and write the next chapter of Coach’s growth story.”
Victor Luis commented, “I am deeply honored and excited to be given this opportunity. Coach is a great company with exceptional brand and business equities and a strong and seasoned leadership team. Together with Lew, we will build upon the company’s strong foundation, leveraging the global opportunity, while continuing to evolve the Coach brand.”
Speaking on behalf of Coach’s Board of Directors, Irene R. Miller, lead independent director, said, “In his nearly thirty-five years with the company, Lew has grown Coach from a small leather goods business into one of the world’s foremost luxury accessories brands, and created significant value for our shareholders. The Board conducted a rigorous succession process and we’re enthusiastic in our support for Victor Luis as Coach’s next CEO. We’re also appreciative of Lew’s continued guidance and leadership.”