PVH Corp announced on Wednesday two leadership updates to its global organization, alongside strong first-quarter earnings for 2021 above guidance and raising full-year outlook.
Mike Shaffer and Cheryl Abel-Hodges, who have both played important roles in shaping PVH’s strong foundation, will be leaving the company in the coming months.
Shaffer, chief operating and financial officer, will be leaving in September to pursue other opportunities. An external search is underway for a successor CFO, and Shaffer will help to ensure a seamless transition.
“Mike has played an important role in shaping the direction of PVH over his 30 plus-year career with the company,” said Stefan Larsson, chief executive officer of PVH. “As COO and CFO, he helped to expand our brands, including the acquisitions of Tommy Hilfiger in 2010 and Warnaco in 2013, as well as driving investments in infrastructure and operational capabilities. Mike has also been a strong proponent of our commitment to our industry leadership in aligning corporate responsibility, supply chain, and technology.”
“I have had a long and wonderful career with PVH, working with the most talented people in the industry,” added Shaffer. “I know that I am leaving the company in a strong position, having navigated through the complexities of the last year, and now driving forward with an accelerated recovery. I am very proud of the PVH team and wish them every success in the future.”
The company also announced that Abel-Hodges will be stepping down as CEO of Calvin Klein and moving to an advisory position with effect from July 1st through February 2022. Trish Donnelly, CEO of PVH Americas, who has had oversight of Calvin Klein, will take full global leadership responsibility for the business.
“I want to thank Cheryl for her partnership and passion for this brand, and for everything she has done over her almost 15-year career with PVH,” continued Larsson. “As well as her role with Calvin Klein, Cheryl made an impact on many areas of the company, including overseeing PVH’s innovative underwear platform, which harnesses the collective power and best practices from across the company’s iconic portfolio of brands.”
Abel-Hodges commented: “I have loved being part of the PVH family and working with the Calvin Klein brand for the last six years. PVH has provided me with many opportunities to grow as a leader, to work with fantastic people and to be a connector across its businesses. I couldn’t be prouder of the work we’ve done as a team to navigate the events of last year and emerge as a stronger company, well-positioned for the future.”