Manny Chirico, the president of PVH Corp., 63, will step down from the board on December 31. Henry Nasella, who is the CEO, will become the independent, non-executive chairman at that time.
Chirico was initially appointed to the Board of Directors in 2006 and became Chairman in 2007. He was Managing Director of PVH from 2006 until February 2021, when he was replaced by Stefan Larsson.
Nasella joined PVH’s Board of Directors in 2003 and has been its Managing Director since 2007.
He is the founding partner of Landau, Nasella & Klatsky LLC. In the past, he served as President and COO of Staples Inc., Director of Blinds to Go Inc. and Partner at Apax Partners.
“This successfully concludes the succession plan put in place when we transferred management from Manny to Stefan,” said Nasella. “On behalf of the Board of Directors, we thank Manny for his dedication and support in ensuring a smooth transition, as well as for his leadership as President and his many contributions to PVH during his career. I am honored to succeed him as President.
“We are deeply grateful to Manny for his leadership and wish him every success in the future. Henry played a critical role as the lead independent director, ”added Larsson. “As we build the next chapter of growth for PVH, we look forward to his continued leadership on the Board of Directors and his contributions based on his deep experience in the retail and consumer sectors. With the guidance of the Board of Directors, we remain focused on driving an accelerated recovery to position PVH to win in the ‘new normal’ for our industry and building on our already strong foundation for sustainable and long-term growth. run – powered by our iconic global brands, Calvin Klein and Tommy Hilfiger.
Chirico said: “It has been an honor to play a role in PVH’s long and successful history. I am excited about the future of PVH and am confident that under Stefan’s exceptional leadership and guidance from Henry and the Board of Directors, the company will continue to be a leader in the fashion industry, guided by its values and focused on promoting fashion for good. for its investors, associates, consumers and other stakeholders around the world.
The number of directors making up the board of directors will be reduced to 11 due to the retirement of Chirico. Nasella will be eligible for re-election to the board of directors at the 2022 annual meeting of shareholders.
PVH improved its results and results and raised its forecast for the entire year despite the continuing uncertainty surrounding the pandemic. For the Quarter ended August 1, PVH’s total revenue was $ 2.3 billion, up from $ 1.58 billion a year ago. The company posted nearly $ 182 million in profits in the quarter, compared to losses of $ 51.7 million last year.
Chirico, from the Bronx, NY, a graduate of Fordham University’s Gabelli School of Business, joined what was then Phillips-Van Heusen Corp. about 27 years ago, as a company controller and then as financial director. He didn’t expect to take on the role of CEO. That changed with the acquisition of Calvin Klein in 2003, a deal that Chirico was in the middle of as CFO and which was a turning point for the company.
“In a lot of ways, Calvin was a game-changer for us,” Chirico said earlier this year. “We were a dress shirt company for moderate men. Calvin opened the door and gave us a true brand of global design lifestyle. The brand had such power and such an ability to be so much bigger than it was. Along the way, then-CEO Bruce Klatsky opened Chirico’s eyes to the potential of eventually becoming the head of the company that was on the move.
by Chirico mandate as The CEO straddled the company’s larger trend toward goal, a position PVH took.
In an exit interview with WWD last January, Chirico said, “After 27 years with PVH, there’s a part I’m most proud of and celebrating and there’s a part that looks a bit like… a part of you leaving that you lived every day. Every day, I liked to get up and come to work. PVH is a special place with special people. It was exciting. It was enriching. It was fun. The good thing is that I got paid for it.
In the same interview, Chirico described the differences between him and Larsson. “Our values are the same, our styles are different. I’m approaching it from a more financial and operational point of view, he’s more of a brand, product marketing guy. His pedigree is more typical for a CEO, especially in this industry.
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Manny Chirico’s exit interview
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Manny Chirico: The CEO’s Balancing Act
PVH Corp. records a profit of $ 182 million; Increase outlook for the year