Luxury handbag maker Coach said Friday its chief financial officer, Michael F. Devine, is retiring in August after nearly 10 years with the company and the company is seeking his replacement.
Devine, 52, joined Coach in late 2001 as senior vice president and CFO after stints at Mothers Work Inc. and Strategic Distribution Inc., an industrial store operator. He says he is leaving to pursue personal interests and spend more time with his family.
"Mike has played a critical role in developing and executing the strategies that have driven our superior sales and earnings growth during his tenure with the company," said CEO Lew Frankfort,
Coach cut its prices during the recession but has seen demand for its handbags improve as the luxury sector rebounds quicker than the general economy.
In its most recent quarter, its net income rose 26 percent while revenue rose 19 percent to $1.26 billion.
Shares rose 6 cents to $54.18 in pre-market trading.