PVH Pay: Stefan Larsson’s Compensation Revealed
- Oops!Something went wrong.Please try again later.
- Oops!Something went wrong.Please try again later.
Stefan Larsson, chief executive officer of PVH Corp., saw his compensation slip 17.5 percent to $12.1 million last year, according to the company’s proxy statement filed with the Securities & Exchange Commission.
The biggest part of the CEO’s pay came from stock and option awards that were valued at $8 million in the filing, although Larsson’s actual take will depend on how well the stock performs — tying his own return to the fortunes of shareholders.
More from WWD
He also received $2.2 million in incentive pay and a salary of $1.3 million along with other forms of compensation.
Larsson, who took the lead at the Tommy Hilfiger and Calvin Klein parent in 2021, has been transforming the business with his PVH+ plan, which focuses in on staple looks, or “hero” products, and backs them up with big-time marketing.
“We are in the early phase of this journey and believe we are well-positioned to win,” Larsson told shareholders in the proxy.
Larsson and PVH started getting some more credit for the approach last month, when fourth-quarter adjusted earnings per share came in at $2.38, flying past the $1.65 projected by analysts, while revenues rose 9 percent in constant currencies, excluding the impact of the war in Ukraine.
“Throughout the year, we experienced unprecedented external headwinds felt across the global economy, our sector and our business, from the war in Ukraine, decades-high strength of the U.S. dollar and inflation rates globally, and continued COVID-19 disruptions,” Larsson told shareholders. “Despite the increasingly challenging macroeconomic environment, our Calvin Klein and Tommy Hilfiger businesses continued to exhibit underlying strength, underpinned by great products tied to impactful consumer engagement. We exited 2022 and entered 2023 with significant momentum that we are excited to build upon.”
Best of WWD
