Coach Inc. (COH) hired Jane Nielsen from PepsiCo Inc. (PEP) to succeed retiring Chief Financial Officer Michael F Devine III, effective Sept. 1.
Nielsen was chief financial officer of PepsiCo Beverages Americas and the global nutrition group.
Devine, who has worked at the upscale accessories maker for almost 10 years, announced his retirement plans in February.
Luxury retailers have reported better results of late as high-end shoppers opened their wallets in an improving economy and a rebound in stock-market valuations. Coach reported in April its fiscal third-quarter earnings rose 18%, while sales jumped 14%.
Shares closed Tuesday at $66.03 and were inactive premarket. The stock has risen 78% over the past year.
-By Melodie Warner, Dow Jones Newswires; 212-416-2283; email@example.com