NEW YORK — Joel Horowitz, Tommy Hilfiger Corp.’s executive chairman, will stay in that role for at least another year.
Hilfiger said Monday that Horowitz will stay on as chairman through March 31, 2005. Horowitz has a new employment agreement, which replaces the one that expired on March 31. He served as president and chief executive through August 2003, and has held the chairmanship since February 2003.
Horowitz was succeeded as president and ceo by David Dyer.
Dyer said in a statement that “during Joel’s tenure as president and ceo, Tommy Hilfiger grew to become one of the world’s most successful lifestyle brands. We are fortunate to continue to have the benefit of his expertise and experience as we lead the company forward.”
Horowitz said he looks “forward to continuing to work with the board, Tommy [Hilfiger] personally, and our talented management team, led by David Dyer, to position the company for its next stage of growth. In recent quarters, the company has made good progress in refocusing its strategies and rebuilding its fashion leadership, and we are enthusiastic about the opportunities ahead.”
In fiscal 2003, Horowitz had a total compensation package of $8.3 million.
The firm’s latest quarterly report, third-quarter earnings posted on Feb. 4, exceeded Wall Street’s expectations. For the three months ended Dec. 31, income was $23.6 million, or 26 cents a diluted share, against a loss of $22.1 million, or 24 cents, in the year-ago quarter. Revenues fell 5.6 percent to $450.6 million from $477.3 million.
— Vicki M. Young