Updated 4:55 p.m. ET Nov. 18
Zac Coughlin, who’s been chief financial officer of PVH Corp. since 2022, is moving on to become finance chief at SiriusXM.
He will stay on until the end of December at the Calvin Klein and Tommy Hilfiger parent company.
PVH on Tuesday reaffirmed its revenue and profit guidance for the rest of the year and said Coughlin would be on hand for the company’s third-quarter earnings call on Dec. 4.
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The timing gives PVH a little cushion to find someone new, but CFO is a vital role for any public company and such a high-level search can take time.
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Meanwhile, PVH veteran Melissa Stone, who is currently executive vice president of global financial planning and analysis, is stepping in as interim CFO.
Stefan Larsson, chief executive officer of PVH, said: “I want to thank Zac for his partnership and contributions over the past several years. He has played an integral role in advancing our PVH+ Plan progress and significantly driving cost efficiencies. As we continue on our journey to unlock the full potential of Calvin Klein and Tommy Hilfiger, we would like to wish Zac continued success in his next chapter.”
Coughlin said he was “so proud to have had this unique opportunity to be a part of shaping this chapter in PVH’s growth journey. I look forward to seeing continued momentum of the PVH+ Plan with the strong team in place under Stefan’s leadership.”
Investors took the change in stride and PVH shares performed better than the market overall, slipping 3.2 percent to $73.67 and leaving the company with a market capitalization of $3.5 billion.
Tom Nikic, a stock analyst at Needham & Co., wrote in a research note: “While we liked working with Mr. Coughlin, and C-suite turnover always brings risks, we’d note that the company’s overarching strategy — the PVH+ plan — wasn’t really ‘his’ strategy per se, as it was unveiled less than two weeks after he came aboard.
“The strategy was mostly developed prior to his arrival, at which point he did his best to execute on the plan,” Nikic said.
More important, according to the analyst, was that the company’s financial guidance hasn’t changed.
“We think this demonstrates the low risk to numbers for this year following the downward revision that occurred in early June,” Nikic said. “Furthermore, with shares trading at just 7-times fiscal 2025 guidance, we continue to view the valuation as unreasonably depressed. We concede that the operating environment is tough, but at this valuation multiple, it probably wouldn’t take much positivity to drive a meaningful re-rating higher for the stock.”
This year, PVH is looking for a revenue increase in the low single digits while adjusted earnings per share are slated to rise to a range of $10.75 to $11, compared with $11.74 last year.
Before joining PVH, Coughlin was CFO and chief operating officer at DFS Group, a subsidiary of LVMH Moët Hennessy Louis Vuitton. Earlier he was CFO at Nike Inc.’s Converse division and held a number of finance jobs at Ford Motor Co.