CEO Manny Chirico has inked a new five-year employment agreement, while Stefan Larsson has been named as PVH president, a newly created role

CEO Manny Chirico has inked a new five-year employment agreement, while Stefan Larsson has been named as PVH president, a newly created role

PVH Corp, owner of brands including Calvin Klein and Tommy Hilfiger, has appointed former Ralph Lauren CEO Stefan Larsson to the newly created role of president.

Larsson, who will join the company on 3 June, will have the responsibility for managing PVH's branded businesses and regions, with each of the three brand CEOs and the regional presidents reporting to him.

He will report to Emanuel Chirico, PVH's chairman and CEO. In connection with the announcement, Chirico has signed a new five-year employment agreement with the company.

PVH called the news "part of a strategic succession plan" in a post on Twitter yesterday (21 May).

"With the signing of Manny's new employment agreement and the hiring of Stefan in the newly created role of president, we believe that PVH is extremely well-positioned from a leadership and a management succession perspective to continue to execute our strategic plans well into the future," said PVH presiding director, Henry Nasella.

Larsson most recently served as CEO of Ralph Lauren, where he rolled out the company's Way Forward plan. Prior to that, he served as the global president of Old Navy, a division of Gap Inc, and helped Old Navy deliver 12 consecutive quarters of profitable growth, adding US$1bn in profitable sales.

Larsson was also part of the team that grew Swedish retailer Hennes & Mauritz (H&M) sales from $3bn to $17bn and expanded the company's operations from 12 to 44 countries.

"Stefan's talent and operational track record make him a strong addition to the PVH senior management team," said Chirico. "He is highly regarded for his strategic focus, proven leadership and global experience in driving transformation and brand building in an increasingly dynamic and ever-changing consumer landscape. As our president, I am confident that Stefan is uniquely qualified to help fuel our global growth by successfully leading our brands and regions to execute against our strategic priorities, and deliver consistent top and bottom line growth and returns to our stockholders."

Larsson added: "PVH is an exceptional company and owns some of the most iconic global lifestyle brands. I have long admired what Manny and the PVH management team have achieved, with a history of successful, transformative acquisitions, exceptional brand building, reinvention and innovation, strong operating platforms and connection to its consumers. I look forward to contributing to the power of PVH and partnering with the entire leadership team to drive the business forward."