Henry Nasella, who currently serves as presiding director, will become the independent, non-executive chairman when Chirico retires from the PVH board on 31 December.
Chirico was first named to the board in 2006 and became chairman in 2007. He served as the company’s CEO from 2006 until February 2021, when Stefan Larsson succeeded him.
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Nasella joined PVH’s board in 2003 and has been the presiding director since 2007.
“This brings to a successful conclusion the succession plan put in place as we transferred leadership to Stefan from Manny,” Nasella says. “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.”
Larsson adds: “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. 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.”
The number of directors constituting the full Board will be decreased to 11 in connection with Chirico’s retirement.
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By GlobalDataChirico says: “It has been an honour 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.”
Nasella will be eligible to stand for reelection to the board at the 2022 Annual Meeting of Stockholders.
In its most recent quarterly update, PVH said second-quarter revenue increased 46% to US$2.31bn, or 40% on a constant currency basis, compared to the prior-year period and exceeded guidance. Net income attributable to PVH Corp amounted to $181.9m, compared to a net loss of $51.4m in the prior-year period.
