PVH CEO Exits, Company to Lay Off Part of Global Workforce

PVH (New York) announced its CEO Trish Donnelly is leaving the company and will remain as an advisor to PVH through Nov. 30.

Departing to “pursue other opportunities,” PVH has begun looking for Donnelly’s replacement – her responsibilities overseeing Calvin Klein Global and PVH Americas will be split into two roles, the company explained in a press release.

PVH’s Chief Financial Officer Zac Coughlin also announced in a separate statement that the company is planning to cut at least 10 percent of its global workforce by the end of 2023, which will reportedly net an annual savings of $100 million.

“A critical element of our PVH+ Plan is to increase productivity and invest to grow,” Coughlin says. “We are leaning into this work by streamlining our organization, implementing new ways of working and leveraging our scale. These actions will enable us to … reinvest strategically in digital, supply chain and consumer engagement connected to the PVH+ Plan.”

Per the company’s second quarter financial results, revenue fell 8 percent year over year, and net income also saw a decrease of 36.6 percent to $115.3 million.