PHILLIPS QUITS P-VH BOARD
NEW YORK — Lawrence S. Phillips continues to bid adieu — though not completely — to Phillips-Van Heusen Corp. On Tuesday, it was announced he was retiring from the board.
Phillips, 68, for more than 45 years served the company his great-grandfather founded, rising to chief executive officer and later chairman. Phillips stepped down as chairman last June, when Bruce Klatsky succeeded him as the first non-Phillips family member in that position. Phillips will continue as a consultant to the company.
With his retirement from the board, Phillips said he and other members of his family, who own substantial amounts of stock in P-VH, have made arrangements to divest their holdings in a private transaction. They declined to identify the buyer or the sales price. The Phillips family owns about 3 million shares, or 11 percent, of the 27.2 million shares outstanding.