Coach's Chairman & CEO Commits to Lead Company for an Additional Two Years Beyond Contract
10 Agosto 2009 - 6:00AM
Business Wire
Coach, Inc. (NYSE: COH), a leading marketer of modern classic
American accessories, today 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.
Coach, with headquarters in New York, is a leading American
marketer of fine accessories and gifts for women and men, including
handbags, women’s and men’s small leathergoods, business cases,
weekend and travel accessories, footwear, watches, outerwear,
scarves, sunwear, jewelry, fragrance and related accessories. Coach
is sold worldwide through Coach stores, select department stores
and specialty stores, through the Coach catalog in the U.S. by
calling 1-800-223-8647 and through Coach’s website at
www.coach.com. Coach’s shares are traded on The New York Stock
Exchange under the symbol COH.
This press release contains forward-looking statements based on
management's current expectations. These statements can be
identified by the use of forward-looking terminology such as "may,"
"will," "should," "expect," "intend," "estimate," "are positioned
to," "continue," "project," "guidance," "forecast," "anticipated,"
or comparable terms. Future results may differ materially from
management's current expectations, based upon risks and
uncertainties such as expected economic trends, the ability to
anticipate consumer preferences, the ability to control costs, etc.
Please refer to Coach’s latest Annual Report on Form 10-K for a
complete list of risk factors.
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