- Push-out Score determined
- After 15 years in the position
- Accolades, praise and thanks for Chirico
- Stefan Larsson taking over
- Chirico will remain as Chairman of the Board of Directors at PVH
- Chirico said 123 words
(exechange) — New York, September 30, 2020 — Manny Chirico, chief executive of PVH, leaves his position. As announced by PVH Corp. in a news release and in a regulatory filing published on Wednesday, September 30, 2020, Emanuel (Manny) Chirico leaves his post as chief executive officer at the parent company to Calvin Klein and Tommy Hilfiger after 15 years in the role, effective February 1, 2021.
It is the end of an era.
Manny Chirico’s duties as CEO will be taken over by Stefan Larsson, currently President of PVH Corp.
“Planned leadership succession”
Manny Chirico’s departure from the CEO post is explained as follows. PVH said: “PVH Corp. [NYSE:PVH], parent company to Calvin Klein and TOMMY HILFIGER, is moving forward with its planned leadership succession, announcing today that Stefan Larsson, President, will be named Chief Executive Officer effective February 1, 2021.”
Chirico will remain as Chairman of the Board of Directors at PVH
“Chirico will continue in his role as Chairman of the Board of Directors,” PVH said.
PVH said: “On September 30, 2020, Emanuel Chirico, Chairman and Chief Executive Officer of PVH Corp. (the “Company”) announced his intention to step down from the position of Chief Executive Officer effective February 1, 2021.”
Share price decline
The announcement follows a decline in PVH Corp.’s share price of 57% since September 2018.
In the position of CEO since 2006
Manny Chirico became CEO of the Company in 2006.
As Chairman of the Board, Chirico will continue to lead the PVH Board of Directors and work with Larsson to ensure a successful transition.
Chirico has been with PVH Corp. for more than 25 years.
He became Chief Executive Officer in 2006 and added the Chairman role in 2007.
Before that, he served in roles of increasing responsibility, including six years as Controller, six years as Chief Financial Officer, and several months as President and Chief Operating Officer.
Prior to joining PVH, Chirico was a Partner at the international accounting firm Ernst & Young LLP, running its Retail and Apparel Practice Group.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to PVH and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 40.2020 ($).