News Summary: A succession plan at Coach
NEW YORK (AP) — CHANGES AT THE TOP: Coach's longtime CEO Lew Frankfort, who transformed what had been a small leather goods business into a global luxury brand, will be giving up his title next year.
THE DETAILS: Victor Luis, who was head of international operations, will succeed Frankfort as CEO in January. The company appointed Luis president of the company and chief commercial officer and added him to the board. Frankfort will be executive chairman, staying on "indefinitely."
THE BACKGROUND: The management change comes after Coach finished a muted holiday shopping season. It is seeing intensified competition from fast-growing players like Michael Kors Holdings Inc.
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