[ad_1]
Pedestrians walk past a Levi’s store in Hong Kong.
Photo Shoot | LightRocket | Getty Images
Levi CEO Chip Bergh is stepping down and handing over the reins to his longtime successor Michelle Gass, the former CEO of Kohl’sthe company announced Thursday.
Gass will become deputy chief executive on January 29 and Bergh will officially retire on April 26. Upon retirement, he will become a consultant at the end of the fiscal year.
“Chip has transformed this company and it will be better than when he arrived. I know we will continue to benefit from Chip’s strategic plan as he continues to work on the company’s board,” said Bob Eckert, Levi’s board chairman.
Bergh became Levi’s CEO in 2011 and is one of the few people to run the company who is not related to its original founder, Levi Strauss. During Bergh’s tenure, he led Levi’s through its initial public offering in March 2019, its acquisition of Beyond Yoga and its further expansion into women’s offerings.
He also transformed the company into a direct selling facility that no longer relies solely on its retail partners. In doing so, he reinvented the Levi’s brand and maintained its relevance despite its 170-year lifespan.
“The Levite brand is the strongest it’s ever been, and as we focus on becoming more of a retail, direct-to-consumer brand, it’s time for new leaders,” Bergh said in a statement. “While I have known Michelle for more than a decade, my time working closely with her over the past year has given me great confidence in her experience, track record of innovation and experience, and passion for the business that will position the company for sustainability, successful growth and valuable shareholders and partners. important composition.”
Levi’s appointed Gass as its CEO in November 2022. He joined Levi’s in January, and was responsible for leading the company’s brand, including its products, sales and marketing, as well as its commercial and global operations. He has set his sights on increasing international growth and transforming the company into a people-oriented organization. purchase.
“I am honored to be stepping up to lead this iconic brand and company, one that I have admired and respected for many years. Levi’s is more than a denim icon; it is part of our fabric. tradition and a lasting symbol of quality, innovation and progress,” Gass said in a statement.
Like many retailers, Levi’s has struggled to get customers to spend on clothing as inflation is straining customers’ budgets. In October, the company cut its full-year sales forecast for the second time this year, and said it expects net income in most advertising to be up 1% this year.
Levi Strauss shares are down 1% this year, trailing the S&P 500’s 19% gain.
Don’t miss these articles from CNBC PRO: