US: Phillips-Van Heusen changes CEO, ups profit guidance
Apparel company Phillips-Van Heusen has named Emanuel Chirico as its new chief executive officer, replacing Mark Weber, who had been in the job for just eight months. The company also raised 2005 and 2006 profit estimates.
Former CEO and current chairman Bruce Klatsky has agreed to stand for re-election to the board and to continue as chairman in order to ensure a smooth transition.
Klatsky said: "Mark Weber has made tremendous contributions to PVH during his 33-year career with the company, including his seven years as president and chief operating officer prior to becoming CEO.
"He leaves having played a major role in creating the healthy and prosperous company we have today, including being responsible for the integration of Calvin Klein into PVH." The company is quiet on the reasons for Weber's departure.
Klatsy added: "Manny Chirico is very well qualified to serve as PVH's CEO, having been a key player in the expansion and growth of our company during a particularly dynamic, active and successful period."
Chirico has been with PVH for 13 years and was the company's chief financial officer for seven years before becoming president and chief operating officer last year.
The company also upped its guidance for financial years 2005 and 2006, estimating diluted net income per share of at least US$1.99 for 2005, but said it may be somewhat higher excluding the costs associated with the company's secondary offering in July 2005.
PVH had previously announced guidance of $1.97 to $1.99, excluding secondary offering costs.
The company is also increasing its 2006 diluted earnings per share guidance to a range of $2.11 to $2.18, or an increase of about 15% to 19% over the $1.84 projected for 2005.
The projections for 2006 exclude the estimated one time pre-tax gain of $30m associated with the sale of the minority interests in certain entities that operated Calvin Klein jeans and sportswear businesses in Europe and Asia.
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