Perry Ellis International’s founder and former chief executive officer George Feldenkreis is no longer serving as the company’s executive chairman.
The company said his position, held since 2015, was “terminated” and the board has elected J. David Scheiner to serve as non-executive chairman.
The change is part of “a multiyear succession planning process,” but Perry Ellis made it a point to clarify that Feldenkreis’ son, Oscar Feldenkreis, is still in his position as chief executive officer.
But Feldenkreis made it clear that he will still be on the board as a director and that his leaving the position was not up to him.
“I have spent the better part of 50 years creating Perry Ellis International and am so proud of what we’ve accomplished, including reaching almost $1 billion in revenue, placing the company in its strongest financial position in its history, and cementing Perry Ellis as one of the leading men’s apparel companies in the world,” Feldenkreis said. “While I disagree with the board’s decision that I should no longer serve as executive chairman, I am supremely confident in Oscar and I look forward to continuing to successfully serve this company as a director.”
Jane DeFlorio, Perry Ellis’ lead independent board director, said Scheiner “has a proven track record and will bring valuable insight” to his new role as chairman. She also thanked the elder Feldenkreis for “his vision and leadership” over the company’s 50-year history.
Scheiner was elected to the company’s board in 2014, after more than 30 years spent working in executive retail positions. He most recently served as chief operating officer of Macy’s Florida and Puerto Rico operations, a role he retired from in 2009.
Scheiner said he’s pleased to have been elected chairman and is looking forward to working with the ceo and the board “as the company focuses on growing its core brands…and drives domestic and international growth.”
Shares of Perry Ellis were up 0.36 percent to $22.38, one of the highest levels since January.