PVH Corp. announced leadership updates, including Chairman and CEO Manny Chirico signing a new five-year employment agreement and hiring Stefan Larsson as PVH President, a newly created role.
Larsson will have the responsibility for managing PVH’s branded businesses and regions, with each of the three brand CEOs and the Regional Presidents reporting to him. He will report to Emanuel Chirico, PVH’s chairman and chief executive officer. In connection with this announcement, Chirico signed a new five-year employment agreement with the Company.
PVH Presiding Director, Henry Nasella commented that “With the signing of Manny’s new employment agreement and the hiring of Stefan in the newly created role of President, we believe that PVH is extremely well-positioned from a leadership and a management succession perspective to continue to execute our strategic plans well into the future.”
Larsson was most recently chief executive officer of Ralph Lauren Corp., where he successfully refocused the company on what made it iconic, improved its performance and set the path for future growth. Prior to that, Larsson served as the global president of Old Navy, a division of Gap Inc., and helped Old Navy deliver 12 consecutive quarters of profitable growth, adding $1 billion in profitable sales. Over nearly 15 years, Larsson was part of the team that grew Swedish retailer Hennes & Mauritz (H&M) sales from $3 billion to $17 billion and expanded the company’s operations from 12 to 44 countries.
“Stefan’s talent and operational track record make him a strong addition to the PVH senior management team,” said Chirico. “He is highly regarded for his strategic focus, proven leadership and global experience in driving transformation and brand building in an increasingly dynamic and ever-changing consumer landscape. As our president, I am confident that Stefan is uniquely qualified to help fuel our global growth by successfully leading our brands and regions to execute against our strategic priorities, and deliver consistent top and bottom line growth and returns to our stockholders.”
Larsson commented, “PVH is an exceptional company and owns some of the most iconic global lifestyle brands. I have long admired what Manny and the PVH management team have achieved, with a history of successful, transformative acquisitions, exceptional brand building, reinvention and innovation, strong operating platforms and connection to its consumers. I look forward to contributing to the power of PVH and partnering with the entire leadership team to drive the business forward.”
PVH’s brand portfolio includes the iconic Calvin Klein, Tommy Hilfiger, Van Heusen, IZOD, ARROW, Speedo, Warner’s, Olga and Geoffrey Beene brands, as well as the digital-centric True & Co. intimates brand. The Speedo brand is licensed for North America and the Caribbean in perpetuity from Speedo International Limited.