George Feldenkreis, who founded Perry Ellis International in 1967, will step down as his company’s chief executive officer in January 2016. His son, Oscar, will take over day-to-day operations.
The succession plan, which also includes the planned retirements of two directors, comes as activist investors have been pressing for changes at the company.
Perry Ellis’ portfolio of golf brands include Callaway, PGA Tour, Champions Tour, Ben Hogan and Jack Nicklaus. Its swim labels include Nike and Jag. The firm’s other major labels include Perry Ellis, Original Penguin, Farah, Rafaella and Laundry by Shelli Segal.
“We have grown from being a small importer of guayaberas and children's wear in 1967 to being a leading international designer and distributor of globally recognized apparel brands,” George Feldenkreis said in a statement.
“I have worked closely with Oscar since he joined Perry Ellis 35 years ago and watched first-hand and with great pride the significant role he has played in the company's growth and success,” he added.
George Feldenkreis founded Perry Ellis as Supreme International Corp. in Miami nearly 50 years ago after fleeing Cuba. In its early years, the company focused on wholesale men's apparel, importing guayaberas – which are pleated, four-pocket shirts.
Feldenkreis, 79, will continue in his role as chairman of the global retailer, although his title will become executive chairman. The younger Feldenkreis, who will take over as CEO, has worked at the company since 1980, becoming president and chief operating officer in 1993.
Perry Ellis missed revenue targets at the end of last year as its supply chain broke down during a slowdown at West Coast ports.
Earlier this month, activist hedge fund Legion Partners and the powerful California State Teachers' Retirement System (CalSTRS) nominated three directors to the Perry Ellis board as well as suggesting splitting roles of chairman and CEO and declassifying its board of directors. The two firms, which own a combined own 6.3 percent of Perry Ellis, have criticized the company’s performance and said that its governance structure does not allow adequate, independent oversight.
Legion and Calstrs, which has an investment in Legion, also urged Perry Ellis to explore strategic alternatives for the company. The Wall Street Journal reported in November that Perry Ellis had been approached about a potential sale to Sequential Brands Group Inc.
A Legion Partners spokesman last week said that “more change is required as long as the Feldenkreis family continues to dominate Perry Ellis.”
Also nominated for a seat on Perry Ellis’ board of directors is Bruce Klatsky, former chairman and CEO of the Phillips-Van Heusen Corporation, and Michael Rayden, former president and CEO of Tween Brands. Lead independent director Joseph Lacher and board member Joe Arriola plan to retire after the company 2015 annual meeting. Jane DeFlorio, former Managing Director in the U.S. Retail and Consumer Group at Deutsche Bank Securities, was appointed to serve as lead independent director.
