UPDATE 1-Coach CEO to step down in 2014, international head succeeds
Feb 14 (Reuters) - Coach Inc on Thursday said longtime Chief Executive Lew Frankfort will step down in January 2014 and be replaced by the executive who oversaw the upscale leather-goods maker's expansion in Asia.
Frankfort, who joined the company in 1979 as vice-president of new business development, will stay on with the company as executive chairman after Victor Luis takes the reins next year. Luis was named chief commercial officer until then.
The company said the appointment was the result of a multi-year succession plan.
Luis, who became head of Coach's international business a year ago, was president of Coach Japan in 2006, and two years later took on the company's China expansion.
Frankfort is credited with transforming Coach from a tiny niche player into a major high-end leather accessories brand: Wall Street analysts expect the 72-year-old company to have sales of $5.1 billion for the fiscal year ending in June. In 1979, sales were $6 million.