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Frankfort Contract Extended

Coach Inc. said Monday that its board of directors had approved a contract extension for chairman and chief executive officer Lew Frankfort.

Coach Inc. said Monday that its board of directors had approved a contract extension for chairman and chief executive officer Lew Frankfort.

The new arrangement will push Frankfort’s contract, previously set to expire in July 2011, through 2013.

The extension came with a performance-based award of $10 million in restricted stock set to fully vest in June 2013 and subject to Coach meeting certain financial goals, the company said.

For complete coverage, see Tuesday’s WWD.