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Coach's Chairman adds two years tenure with the company
11 Aug '09
2 min read
Coach Inc announced that its Board of Directors has authorized a four-year, performance-based share award for Lew Frankfort, Coach's Chairman and CEO. This award was granted in order to provide continuity of Mr. Frankfort's strong leadership at a pivotal time for the Coach brand given the evolving retail environment and the company's significant growth opportunities. It will extend his tenure for an additional two years beyond the end of his current contract, set to expire July 2011.
Lew Frankfort, Chairman and CEO of Coach Inc., said, “I am very pleased to have the opportunity to lead Coach through fiscal year 2013. We're at an important inflection point as we accelerate our international expansion while continuing to increase our market share here in North America. We recently announced fiscal year 2009 results that demonstrated Coach's strength and resiliency against an extraordinarily weak retail backdrop. I look forward to continuing to work with Coach's strong and seasoned management team to achieve our long term goals.”
Irene Miller, Lead Outside Director for Coach, said, “Lew is an outstanding Chairman and Chief Executive Officer, who will be celebrating his thirtieth anniversary with the company next month. Given his long and very successful tenure with Coach, the Board is delighted that he has agreed to stay in his current role for an additional period of time.”
The performance-based award, comprised of restricted stock units valued at approximately $10 million, will vest in full on June 29, 2013, subject to the company achieving certain strategic and financial goals at target levels.
Lew Frankfort, Chairman and CEO of Coach Inc., said, “I am very pleased to have the opportunity to lead Coach through fiscal year 2013. We're at an important inflection point as we accelerate our international expansion while continuing to increase our market share here in North America. We recently announced fiscal year 2009 results that demonstrated Coach's strength and resiliency against an extraordinarily weak retail backdrop. I look forward to continuing to work with Coach's strong and seasoned management team to achieve our long term goals.”
Irene Miller, Lead Outside Director for Coach, said, “Lew is an outstanding Chairman and Chief Executive Officer, who will be celebrating his thirtieth anniversary with the company next month. Given his long and very successful tenure with Coach, the Board is delighted that he has agreed to stay in his current role for an additional period of time.”
The performance-based award, comprised of restricted stock units valued at approximately $10 million, will vest in full on June 29, 2013, subject to the company achieving certain strategic and financial goals at target levels.
Coach Inc
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