NEW YORK — Emanuel Chirico, Phillips-Van Heusen's new chief executive officer, has begun shuffling his top management team.
Allen Sirkin has been named president and chief operating officer, succeeding Chirico, who was named ceo on Feb. 27. Chirico succeeded Mark Weber, who was pushed out by the board after only eight months in the job, but will receive an $8 million golden parachute.
Previously, Sirkin had been PVH's vice chairman, dress shirts.
The company also promoted Kenneth Duane to vice chairman, wholesale apparel, a new post where he handles the company's sportswear and dress shirt groups. Duane was vice chairman, sportswear. Additionally, the company promoted Michael Shaffer, currently executive vice president, finance, to chief financial officer.
Sirkin has been with PVH for over 20 years, holding leadership positions in the company's dress shirt, sportswear, footwear and retail divisions. Earlier, he held executive posts with Warnaco, Pony Apparel Active Sportswear, McGregor Sportswear and Manhattan Industries. Sirkin reports to Chirico.
Duane, who had been head of the company's sportswear group since 2000, now also assumes responsibility for the dress shirt group as vice chairman, wholesale apparel, a combined division that becomes the company's largest. Duane joined PVH in 1998 as president of the Izod division and was named vice chairman, sportswear, in 2001. Previously, he held senior executive posts at such firms as Guess, Nautica and Hugo Boss. He reports to Sirkin.
Shaffer, who was given the additional title of chief financial officer, has been with PVH for over 15 years. He was promoted to executive vice president, finance, in 2005, having previously held posts in both the finance and retail operations areas, most recently as vice president, retail store operations. Shaffer reports to Chirico.
Wall Street brushed off the management changes. Trading volume on PVH was light on Friday. The stock closed Friday up 1.5 percent, at $33.88. The stock's 52-week high is $37.40 and the low is $24.11.
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