NEW YORK — Bruce Klatsky, 58, chairman of Phillips-Van Heusen Corp., will step down at the company's annual meeting June 19. Emanuel Chirico, 50, chief executive officer of PVH, is expected to be named chairman, subject to his reelection to the board at the upcoming meeting.
Klatsky, a 36-year-veteran of PVH, retired as the company's ceo in June 2005, but agreed to stay on as nonexecutive chairman. At the time, Klatsky turned the reins of PVH over to Mark Weber, his longtime number two, and the company's former president and chief operating officer. However, after eight months as ceo, Weber apparently clashed with PVH's board and abruptly left the company in February 2006 and was succeeded by Chirico. Klatsky then agreed to seek reelection to the board that summer and said he'd stay on as nonexecutive chairman until June 2007, mostly to be available as an adviser to Chirico.
Klatsky, who joined PVH as a merchandise trainee and rose to become chairman and ceo, was instrumental in the Calvin Klein acquisition, as well as those of Izod, Gant, Bass and Arrow. After Klatsky stepped down as ceo of PVH, he became a partner in LNK Partners, a White Plains, N.Y., private equity investment firm, which he continues to run with David Landau and Henry Nasella.
Chirico, previously a controller at Ernst & Young, joined PVH in 1999 as executive vice president and chief financial officer. In 2005, he was named president and chief operating officer and a director, and became ceo in February 2006.
"His performance in each of these roles has been nothing short of outstanding. He has well earned the esteem he enjoys in the financial and investment community, within the company and on our board of directors," said Klatsky in a statement.
Two other board members have decided to retire. They are Joel Goldberg, president of Career Consultants Inc., and Marc Grosman, ceo of Marc Laurent SA, who have been directors of the company since 1997.
Subject to his reelection as an independent director, Henry Nasella is expected to be named to preside over nonmanagement directors' meetings, over which Klatsky currently presides. Nasella, who has been a director of the company since 2003, is a partner of LNK Partners, as well.
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