Tory Burch hires Ralph Lauren veteran Roger Farah as co-CEO

Luxury apparel maker Tory Burch LLC said it hired former Ralph Lauren Corp Chief Operating Officer Roger Farah as co-chief executive.

Farah will hold the position with current CEO Tory Burch, the company said in a statement.

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Farah left Ralph Lauren in May as executive vice chairman after serving as president and chief operating officer for nearly 14 years.

Ralph Lauren's annual revenue more than tripled to $7.45 billion in 2014 from $1.95 billion in 2000 during Farah's tenure.

Before joining Ralph Lauren, Farah was CEO of footwear retailer Venator Group Inc, now known as Foot Locker Inc. He also served as COO at department store chain Macy's Inc .

Tory Burch, which sells ready-to-wear clothing, shoes, handbags and accessories, will also form an executive directors office to oversee operations and management.