PVH Corp has announced that Manny Chirico, chairman of the board of directors, will retire effective December 31, 2021. Henry Nasella, who currently serves as presiding director, will become the independent, non-executive chairman at that time.
“This brings to a successful conclusion the succession plan put in place as we transferred leadership to Stefan from Manny. 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,” said Nasella.
Chirico, the company added, was first named to the board in 2006 and became chairman in 2007. He served as the company’s chief executive officer from 2006 until February 2021, when Stefan Larsson succeeded him. Nasella joined PVH’s board of directors in 2003 and has been the presiding director since 2007.
“We are deeply grateful to Manny for his leadership and wish him every success in the future,” said Larsson, adding, “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.”
Commenting on his stint at PVH, Chirico said: “It has been an honor 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.”
The number of directors constituting the full board will be decreased to 11 in connection with Chirico’s retirement. Nasella, the company further said, will be eligible to stand for reelection to the board at the 2022 annual meeting of stockholders.