PVH Corp. Announces More Succession Plans for Tommy Hilfiger
Tommy Hilfiger Group
PVH Corp. announced additional details for the succession plan for Fred Gehring, currently Chief Executive Officer, Tommy Hilfiger and PVH International. Mr. Gehring will become Chairman, Tommy Hilfiger and Vice Chairman, PVH Corp. by the end of its fiscal year 2014. The Company had disclosed in July that it had entered into a new employment agreement with Mr. Gehring that provided for him to transition into this new role, which is part time, no earlier than mid-2014 and no later than mid-2016. In his new role with Tommy Hilfiger, Mr. Gehring will be involved in establishing the overall strategy of Tommy Hilfiger, as well as serve as an advisor to Daniel Grieder, who was named today as his successor. As Vice Chairman of PVH Corp., Mr. Gehring will serve as an advisor to Manny Chirico, PVH's Chairman and Chief Executive Officer on matters related to PVH.
Upon Mr. Gehring's transition to his new role, Mr. Grieder will be promoted to global Chief Executive Officer of the Tommy Hilfiger Group, while maintaining his role as Chief Executive Officer of PVH Europe.
Mr. Gehring led the introduction of Tommy Hilfiger into the European market in 1997. Mr. Gehring assumed the role of global Chief Executive Officer in 2006 when he led a management buy-out of the Tommy Hilfiger Group supported by Apax Partners. The Tommy Hilfiger Group was acquired by PVH Corp. in 2010, with Mr. Gehring adding the title of Chief Executive Officer, PVH International in addition to his role at the Tommy Hilfiger Group.
"Fred Gehring has been an exceptional partner since our acquisition of Tommy Hilfiger in 2010. Under his leadership, Tommy Hilfiger has consistently been a top performer among PVH Corp.'s portfolio of global lifestyle brands," said Mr. Chirico. "Daniel Grieder has worked closely with Fred since moving to Tommy Hilfiger Europe's Amsterdam headquarters in 2003, and his ascension to global CEO of the Group is a natural progression. We believe our advance preparation for this internal succession plan, Fred's continued active visionary involvement and Daniel's operational excellence and leadership will ensure continuity in the development and growth of our Tommy Hilfiger businesses worldwide and drive the Calvin Klein Europe business forward," said Mr. Chirico.
Daniel Grieder has worked with Tommy Hilfiger Europe since 1997, initially as Managing Director for the brand in Switzerland and Austria. In 2003, Mr. Grieder relocated to the Tommy Hilfiger Europe headquarters in Amsterdam, and in 2008 was appointed Chief Executive Officer of Tommy Hilfiger Europe. Following PVH's acquisition of The Warnaco Group, Inc. in February of this year and the integration of the Calvin Klein Europe operations into the Tommy Hilfiger Europe headquarters, Mr. Grieder's role expanded to include Chief Executive Officer of PVH Europe.