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Coach Inc. Pay Package for Victor Luis Revealed in SEC Filing

Lew Frankfort, who will become executive chairman after giving up the post of ceo, earned a total of $12.3 million in 2012, $1.5 million of it in salary.

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TO THE VICTOR: Coach Inc. will pay Victor Luis an annual base salary of $1.1 million as its president and chief commercial officer this year and bump his annual pay up to $1.25 million when he succeeds Lew Frankfort as chief executive officer at the beginning of 2014. According to a regulatory filing with the Securities and Exchange Commission posted Friday, Luis can also qualify for cash incentive awards targeted at 150 percent of his salary, and maxing out at double his salary, based on his performance against goals set by the human resources committee of the company’s board. His agreement with Coach also provides for annual equity awards linked to performance with a grant date value of at least $4.8 million and a onetime stock award tied to Coach’s performance versus the S&P 500, with potential value of $25 million over five years. Frankfort, who will become executive chairman after giving up the post of ceo, earned a total of $12.3 million in 2012, $1.5 million of it in salary.