PVH Corp. said today Trish Donnelly, CEO of PVH Americas & Calvin Klein Global, will be leaving the company to pursue other opportunities. She will remain in an advisory role through Nov. 30 to facilitate the transition, the company said in a statement.
PVH said it has launched a global search for both positions. In the interim, Stefan Larsson, CEO of PVH Corp., will lead the two divisions.
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Upon Donnelly’s exit, PVH intends to separate her responsibilities into two roles in order to “strengthen” its ability to execute its PVH+ Plan, with a regional leadership role for PVH Americas and a global brand leadership role for Calvin Klein, the company added.
“In the current environment, it is critical to redouble our focus on execution to unlock the full potential of the Americas region and also to continue to grow the Calvin Klein brand globally,” Larsson said in a statement. “We will significantly improve our ability to execute the PVH+ Plan by splitting these roles and bringing on leaders with different skill sets who can devote their full attention to these important roles.”
Donnelly took her dual role at PVH in February 2021, where she was tasked with the responsibility for the Calvin Klein and Tommy Hilfiger businesses in the Americas and for the global Calvin Klein brand. Before joining the company, she served as CEO of Urban Outfitters Group for over seven years. Prior to UO, Donnelly also held top posts at J.Crew, Ralph Lauren, Steven Alan and Cole Haan.
The announcement came on the same day the company reported its second quarter results and announced plans to “reduce people costs” in its global offices by approximately 10% by the end of 2023. The company said it expects these reductions will generate annual cost savings of over $100 million.
CFO Zac Coughlin said in a statement that the cuts were being made to “increase productivity” and “reinvest strategically” in digital, supply chain and consumer engagement.
Net sales in the second quarter of 2022 were $2.031 billion, down from $2.221 billion the same time last year. Net income in Q2 was $115.3 million, down from $181.8 million compared to last year.
Looking ahead, PVH lowered its guidance for the full year citing “elevated” inventory levels compared to consumer demand in its North American wholesale business. The company now expects revenue for the year to decrease 4% to 3% as compared to 2021.