Lew Frankfort, executive chairman, will officially retire from Coach Inc. at the end of his term on Nov. 6, the day of the company’s annual meeting of stockholders.
Coach said Frankfort will receive the honory title of chairman emeritus at that time, honoring his 35 years with the company. Jide Zeitlin, Coach’s lead outside director, will be appointed the next chairman of Coach.
“Under [Lew’s] leadership, we created the accessible luxury handbag and accessories market in North America and took the brand global, driving sales from $6 million to $5 billion. His contributions are truly immeasurable, and I am fortunate to know him both as a friend and a mentor,” said Victor Luis, who succeeded Frankfort as chief executive officer earlier this year.
Michael Murphy, former vice chairman and chief administrative officer of Sara Lee Corp. from 1994 to 1997, Coach’s former parent, has also decided not to run for reelection to the Coach board.