Michael Calbert, chairman of the board of Dollar General Corporation, will join PVH Corp. board of directors, effective May 2, 2022. PVH also announced that Henry Nasella, its non-executive chair, will not stand for re-election at its June 16, 2022 annual meeting of stockholders.
Nasella, the company said in a release, has served on the board for 19 years, including as presiding director since 2007 and chair since 2021 when it first became an independent, non-executive role. Nasella had been nominated to serve for his last three terms by virtue of a waiver of the board’s mandatory retirement age, as permitted under its corporate governance guidelines. Calbert is expected to succeed Nasella as chair if he is re-elected at the annual meeting.
Commenting on the development, Stefan Larsson, chief executive officer of PVH, said: “Michael is a highly experienced public company director with extensive chair experience, and he brings deep expertise in the retail and consumer sectors”
“On behalf of the board of directors and the whole management team, I want to thank Henry for his unique contributions and many years of wise counsel, as well as his incredible leadership of the board,” Larsson added.
Calbert, the company added, has served as chairman of Dollar General since 2016 and formerly was a member of the private equity firm KKR & Co. L.P., where he led the retail industry team from January 2000 until his retirement in 2014. He was previously chief financial officer of Randall’s Food Markets, and started his career as a certified public accountant with Arthur Anderson Worldwide.
“I look forward to working with my fellow board members in supporting Stefan and the management team to realise the company’s long-term growth opportunities, deliver strong stockholder returns, and do it in a way that stays true to PVH’s purpose to drive fashion forward for good,” added Calbert.