Yahoo Finance Manny Chirico to Retire as Chairman of the PVH Board
Manny Chirico, the 63-year-old chairman of PVH Corp., will retire from the board on Dec. 31. Henry Nasella, who is presiding director, will become the independent, non-executive chairman at that time.
Chirico was initially named to the board in 2006 and became chairman in 2007. He served as PVH’s chief executive officer from 2006 until February 2021, when he was succeeded by Stefan Larsson.
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Nasella joined PVH’s board in 2003 and has been the presiding director since 2007.
He is the founding partner of Landau, Nasella & Klatsky LLC. In the past, he held such roles as president and chief operating officer of Staples Inc., director at Blinds to Go Inc. and partner at Apax Partners.
“This brings to a successful conclusion the succession plan put in place as we transferred leadership to Stefan from Manny,” Nasella said. “On behalf of the board, we thank Manny for his dedication and support in ensuring a smooth transition, as well as for his leadership as chairman and many contributions to PVH over the course of his career. I am honored to succeed him as chairman.”
“We are deeply grateful to Manny for his leadership and wish him every success in the future. Henry has played a critical role as our lead independent director,” Larsson added. “As we build the next growth chapter for PVH, we look forward to his continued board leadership and contributions based on his deep experience in the retail and consumer sectors. With the board’s guidance, 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, long-term growth — 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 certain that under Stefan’s exceptional leadership and the guidance of Henry and the board, the company will continue to be a leader in the fashion industry, guided by its values and focused on driving fashion forward for good for its investors, associates, consumers and other stakeholders around the world.”
The number of directors making up the full board will be decreased to 11 as a result of Chirico’s retirement. Nasella will be eligible to stand for reelection to the board at the 2022 annual meeting of stockholders.
PVH has been improving its top and bottom lines and has raised full-year guidance despite continued uncertainty surrounding the pandemic. For the quarter ended Aug. 1, PVH’s total company revenues were $2.3 billion, up from $1.58 billion a year ago. The company logged nearly $182 million in profits during the quarter, compared with losses of $51.7 million last year.
Chirico, a Bronx, N.Y., native with a degree from Fordham University’s Gabelli School of Business, joined what was then Phillips-Van Heusen Corp. about 27 years ago, coming on board as corporate controller and then eventually chief financial officer. He never expected to take on the CEO role. That changed with the 2003 acquisition of Calvin Klein, a deal Chirico was in the middle of as CFO and one that marked a turning point for the firm.
“In many ways, Calvin was the game changer for us,” Chirico said earlier this year. “We were a moderate men’s dress shirt company. Calvin opened the door and gave us a true global design lifestyle brand. The brand had such power and 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 head of the company that was very much on the move.
Chirico’s tenure as CEO overlapped with the broader corporate trend toward purpose, a stance PVH has adopted.
In an exit interview with WWD last January, Chirico said, “After 27 years with PVH, there’s a part I’m proudest of and celebrating and there’s a part that’s a little like…part of you going away that you lived every day. Every day, I enjoyed getting up and coming to work. PVH is a special place with special people. It was exciting. It was rewarding. It was fun. The good thing was, 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 approach things from more of the financial, operational side, he’s more of a brand marketing, product guy. His pedigree is more typical for a CEO, especially in this industry.”
FOR MORE STORIES:
The Manny Chirico Exit Interview
Manny Chirico’s Purpose and Profit at PVH
Manny Chirico: The CEO Balancing Act
PVH Corp. Logs $182 Million Profit; Raises Outlook for the Year
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