NEW YORK — Former Phillips-Van Heusen Corp. chief executive officer Mark Weber is floating down with a golden parachute worth at least $8 million.
Weber, who left the company last week, was succeeded by Emanuel Chirico, who formerly served as president and chief operating officer.
In a Securities and Exchange Commission filing last Friday, PVH said Weber is “entitled to severance in an amount equal to three times his average cash compensation (i.e. base salary and bonus) for the two most recently completed fiscal years…. It is estimated that Mr. Weber will receive approximately $8 million under this provision.”
Weber is also entitled to as much as $25,000 for any legal fees he may incur relating to his termination from the company, as well as medical and dental benefits for him and his family.
The SEC filing stated that PVH’s agreement with Weber “provides for mutual releases between Mr. Weber and the company with respect to matters arising out of his employment with the company and the termination thereof.”
Included in the SEC filing was a letter by Mark D. Fischer, vice president, general counsel and secretary of PVH, stating that Weber’s “employment will be treated as having been terminated without ‘cause.’”
Weber’s departure from PVH was a shocker because he was chairman Bruce Klatsky’s right-hand man for more than 30 years at the company. Weber was seen as the natural choice to succeed Klatsky, who announced the succession plan early last year.
But sources said the PVH board and Apax Partners, which controls 38 percent of PVH’s stock, increasingly grew weary of Weber’s management style.
Industry sources said there had been growing friction between Weber and the board since the beginning of the year after PVH and Apax, which helped PVH buy Calvin Klein Inc. a few years ago, considered a joint deal to buy Tommy Hilfiger Corp. Discussions soured, and Apax ended up acquiring Hilfiger on its own.
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye
“It’s passion that helps get anybody to a certain point and it’s what’s propelled me,” said Kith founder @ronniefieg, one of WWD’s 40 under 40: a group of industry notables who are changing the face of retail, fashion and beauty. Fieg, who opened a Manhattan flagship on October 7, began his career at age 13 as a stock boy and salesman for footwear chain David Z. “I think staying true to [my] beliefs, hard work and passion have gotten me to where [Kith] is today.” See the rest of the 40 at WWD.com. (📷: @vsteves) #wwd40
25-year-old @samweaving is about to break out this fall, starring in Netflix’s horror film “The Babysitter,” fittingly out today on Friday the 13th. That’s not the only place you’ll be seeing her, though — Weaving’s got a role Showtime’s “SMILF” and another alongside Frances McDormand and Woody Harrelson in “Three Billboards Outside Ebbing, Missouri.” Though she’s got a full plate at the moment, there’s one role she’s got her eye on: Marilyn Monroe. “I’m a little too young at the moment, but it’s on my bucket list,” the actress told WWD (📷: @dandoperalski) #wwdeye
BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
After designing the new @louisvuitton and @bulgariofficial flagships and a @chanelofficial boutique opening in Japan, @petermarinoarchitect has another project on his plate: The Lobster Club. Located in the Seagram Building, it’s the famed architect’s first restaurant project in New York, serving up modern Japanese brasserie-style cuisine. Bronze hues, bespoke material detailing, blush and chartreuse tones and a heavy emphasis on Picasso can be seen throughout. Mark your calendars for Nov. 1 for the much-anticipated opening. (📷: @clint_spaulding) #wwdeye