Coach (COH) revealed a leadership succession plan on Thursday that puts Victor Luis, who was appointed this week to chief commercial officer, as the handbag designer’s chief executive officer in January 2014.

Shares of Coach fell 1% to a 52-week low of $48.10 in morning trade.

The New York-based accessories maker said CEO Lew Frankfort will continue in his current position over the next year then will become executive chairman.

Luis most recently served as president of Coach’s international group, with oversight for all of Coach’s businesses outside North America. He has been a member of the company’s leadership team for the past seven years and on Thursday was appointed to its board of directors.

As chief commercial officer, Luis, who said he was “deeply honored” by the appointment, will oversee all business units, including merchandising, licensing, corporate strategy and consumer insights.

“I’m very pleased with Victor’s appointment,” Frankfort said. “He has demonstrated the passion, strategic vision, focus, superb execution and strong values that make an outstanding leader.”

Among other things, Luis spearheaded Coach’s growth in Asia. Before being promoted to president of Coach’s international group in February 2012, he served as CEO of Coach Japan and president of Coach Retail International.

“I am confident in his leadership as we execute Coach’s transformation to a global lifestyle brand,” Frankfort said.

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