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MarketScreener Homepage  >  Equities  >  Nyse  >  PVH Corporation    PVH

PVH CORPORATION

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PVH CORP. /DE/ : Change in Directors or Principal Officers, Other Events (form 8-K)

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06/03/2020 | 05:39pm EDT

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Daniel Grieder, Chief Executive Officer, Tommy Hilfiger Global and PVH Europe, notified PVH Corp. (the "Company") on May 28, 2020 that he would be resigning effective June 1, 2020 and relinquishing his role as Chief Executive Officer, Tommy Hilfiger Global and PVH Europe, as of June 2, 2020, to pursue other interests. (June 1, 2020 was a non-business day in Europe, where Mr. Grieder is located.)

The Company, the Company's subsidiary PVH B.V., and Mr. Grieder entered on June 1, 2020 into an amendment (the "Amendment") to his employment agreement with PVH B.V., dated as of March 20, 2017 (the "Employment Agreement"). The Amendment, which became effective as of May 31, 2020, provides that PVH B.V. will make a special payment to Mr. Grieder in recognition of his long-term service to and performance for the benefit of PVH B.V. and its affiliates equal to six months' of Mr. Grieder's base salary as in effect on November 30, 2020. The special payment will be paid to Mr. Grieder in six substantially equal installments during the period commencing on December 1, 2020 and ending on May 31, 2021. Pursuant to the Amendment, Mr. Grieder has acknowledged that he is obligated to comply with the restrictive covenants set forth in the Employment Agreement and the Company has agreed that it will consider in good faith any request from Mr. Grieder to enter the employ of, become a consultant to, or provide services to, or have any ownership or other interest in, any entity that is engaged in a business that is in competition with the business or products of the Company, PVH B.V. and their affiliates if and only if such entity conducts primarily a regional business and would not be considered a major competitor of the business or products of the Company, PVH B.V. and their affiliates.

Item 8.01. Other Events. The Company issued a press release on June 2, 2020 announcing Mr. Grieder's resignation and that Martijn Hagman has been appointed to serve as the new Chief Executive Officer, Tommy Hilfiger Global and PVH Europe, effective June 2, 2020. Mr. Hagman had been serving as the Chief Operating Officer, Tommy Hilfiger Global and PVH Europe, and the Chief Financial Officer, Tommy Hilfiger Global, overseeing operations, finance, digital business transformation, technology and business development.

Mr. Grieder will help transition his responsibilities over the next few months to ensure a smooth and successful transition.

A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Item 9.01. Financial Statements And Exhibits.

(d) Exhibits.

Exhibit No.                Description of Exhibit

     99.1        Press Release dated June 2, 2020.

    101        Cover Page Interactive Data File (embedded within the Inline XBRL
               document).


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© Edgar Online, source Glimpses

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