PVH names Chirico as CEO & raises earnings guidance
27 Feb '06
2 min read
Apparel giant Phillips-Van Heusen Corporation has announced that its Board of Directors has appointed Emanuel Chirico Chief Executive Officer of the company.
Chirico, 48, who had been the company's President and Chief Operating Officer, succeeds Mark Weber, who has left the company effective today by agreement with the Board. In order to ensure a smooth transition, Bruce Klatsky, the company's former CEO and current Chairman of the Board, has agreed to stand for re-election to the Board and to continue as Chairman.
"Mark Weber has made tremendous contributions to PVH during his 33-year career with the Company, including his seven years as President and Chief Operating Officer prior to becoming CEO," said Klatsky, "He leaves having played a major role in creating the healthy and prosperous company we have today, including being responsible for the integration of Calvin Klein into PVH. We are very grateful for his service and wish him the best in his future endeavors."
Chirico has been with PVH for 13 years and was the company's CFO for seven years before becoming President and COO last year.
The company also informed it is increasing its guidance for fiscal years 2005 and 2006.
For 2005, it is estimating that diluted net income per share will be at least $1.99, and may be somewhat higher, excluding the costs associated with the company's secondary offering in July 2005. It had previously announced guidance of $1.97 to $1.99, excluding secondary offering costs.
The company is also increasing its fiscal year 2006 diluted earnings per share guidance to a range of $2.11 to $2.18, or an increase of about 15 percent to 19 percent over the $1.84 projected for 2005.
Phillips-Van Heusen Corporation is one of the world's largest apparel companies. It owns and markets the Calvin Klein brand worldwide.
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