By  on July 3, 2014

NEW YORK — Lew Frankfort’s role as executive chairman of Coach Inc. is moving to part-time from full-time and his salary to $500,000 from $1.5 million.

In a disclosure with the Securities and Exchange Commission Wednesday, Coach said Frankfort, who also served as the company’s chief executive officer from 1995 until earlier this year, began working in a part-time capacity on Tuesday. As amended, the revised contract will be in force until Coach’s annual stockholders meeting, scheduled for Nov. 6.

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