PVH Corp. is moving forward with its planned leadership succession, announcing that its current president, Stefan Larsson will take over as chief executive officer on February 1, 2021. Larsson, 46, will succeed Manny Chirico, 63, the company’s CEO since 2006. Chirico will continue in his role as chairman of the board of directors.
For the past 16 months, Larsson and Chirico have worked closely together to develop near-term actions and long-term strategies that leverage the power of PVH. Together, they have focused on the company’s core strengths, connecting them to where the consumer is going, driving brand relevance, and high performance to deliver long-term sustainable growth. Most recently, they have been navigating the company through the impacts of COVID-19, driving towards an accelerated recovery, and setting up the business for future success post-pandemic have been of utmost importance for the two of them.
“It has been a privilege to work side by side with Manny in recent months, to learn firsthand how he has built PVH into one of the world’s most admired fashion and lifestyle companies, and driven impressive growth,” Larsson said. “It is an honor to become the leader of this exceptional company, and as we move into a new chapter of growth for PVH, I look forward to continuing its evolution, building on our inherent strengths, getting closer to the consumer than ever before, and working with an incredible team.”
Prior to joining PVH last year, Larsson was chief executive officer of Ralph Lauren Corp., where he successfully refocused the company, improved its performance, and set the path for future growth. Before 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.
Under Chirico’s leadership, PVH has transformed from a North America-based menswear company to one of the largest fashion and lifestyle companies in the world. He led three industry-leading acquisitions and integrations during this time, creating a truly global and diversified retail and supply footprint, a workforce of approximately 40,000 associates, and growing revenues from $1.4 billion prior to the Calvin Klein acquisition to almost $10 billion in 2019. Throughout this evolution, the PVH leadership team has emphasized the company’s values and commitments to corporate responsibility.
As chairman of the board, Chirico will continue to lead the PVH board of directors and work with Larsson to ensure a successful transition. “It has been an honor to work with the outstanding people at PVH for more than 25 years – 14 of those as CEO,” Chirico said. “With Stefan as our next CEO, we are well-positioned to navigate the rapidly changing retail landscape, drive brand relevance, and meet the needs of our consumers, while positioning the company for long-term growth.”
“Stefan’s global experience, consumer focus, and high-performance track record – especially in this unprecedented time of disruption – are unparalleled assets for PVH to succeed in the ‘new normal’ that is taking shape across our industry,” Chirico continued. “I am confident in Stefan’s unique abilities to lead PVH in its next chapter of growth and I look forward to continuing our close partnership as chairman of the board.”
In commenting on behalf of the board of directors, Henry Nasella, presiding director, said: “We can’t thank Manny enough for his exceptional leadership over the last 14 years as CEO and for his work in preparing a smooth CEO succession. It has been clear from the outset that Stefan is an outstanding leader, with a strong understanding of PVH’s business needs and growth opportunities, as well as the evolving dynamics across the consumer, retail and competitive landscape. With Stefan as CEO, the company will be well-positioned to continue to evolve and grow, building on the successful foundation that Manny and the leadership team have set.”