As of Thursday, the firm announced that Chip Bergh, the CEO of Levi’s, is stepping down and transferring leadership to Michelle Gass, the former CEO of Kohl’s.
Gass will succeed Bergh as CEO on January 29, and Bergh will formally resign on April 26. Until then, he will continue in his role as executive vice chair of the board. Upon his retirement, he will continue to advise until the conclusion of the current fiscal year.
“Chip has completely changed this business, and he will leave it in a much better state than when he came.” As long as Chip is on the board of the company, I’m sure we’ll gain from his strategic viewpoint,” stated Bob Eckert, chairman of the Levi’s board of directors.
As one of the few individuals to have led the company since its founding, Levi Strauss, Bergh assumed the role of CEO in 2011. Throughout his leadership, Bergh saw Levi’s through its acquisition of Beyond Yoga, its March 2019 IPO, and its deeper foray into women’s products.
In addition, he made the business a formidable direct-to-consumer enterprise that is no longer only dependent on its wholesale partners. By doing this, he revitalised the 170-year-old Levi’s brand and maintained its relevance.
Bergh stated in a statement, “The Levi’s brand is the strongest it has ever been, and as we shift to become more of an omni-channel, direct-to-consumer retailer, it is time for new leadership.” “Even though I’ve known Michelle for over ten years, our close collaboration over the past year has instilled in me a great sense of confidence that her experience, track record of innovation and impact, and enthusiasm for the business will position the company for sustainable, profitable growth as well as significant value creation for shareholders and stakeholders.”
In November 2022, Gass was named the future CEO of Levi’s. Since her January hiring, she has led Levi’s eponymous brand, which includes product, merchandising, and marketing departments as well as digital and international commercial operations. Her goals are to accelerate the company’s expansion internationally and turn it into a direct-to-consumer business.
Source (CNBC)
