CEO of clothing manufacturer Oxford Industries Hicks Lanier will retire at the end of the year leaving president Tom Chubb to take the helm. 

Lanier will continue to serve as chairman following his retirement as CEO. Chubb will become chief executive and president from 1 January.

"He [Hicks] has superbly navigated the company through times of challenge and change during his long tenure," E Jenner Wood, presiding director of Oxford's board of directors.

Chubb has provided leadership in key transactions, which include buying Tommy Bahama and acquiring Lilly Pulitzer in 2010. He has previously served as executive vice president and was elected to Oxford's board of directors in June 2012.