Levi Strauss & Co (NYSE:LEVI). has announced a significant shift in its executive leadership, with CEO Chip Bergh set to step down on April 26, 2024. Michelle Gass, the former CEO of Kohl’s and current president of Levi's, will take over the reins from January 29, 2024, as part of a planned succession.
Bergh, who has been at the helm since September 2011, is credited with transforming the iconic denim company from a primarily domestic men’s wholesale business into an international consumer-centric brand. Under his guidance, Levi's not only revitalized its women's segment but also re-entered the public markets with a successful IPO in March 2019. The company further expanded its portfolio by acquiring Beyond Yoga in 2021.
The outgoing CEO brought his extensive experience from Procter & Gamble (NYSE:PG) to Levi’s, steering the company through significant growth and positioning it as a leading omni-channel retail powerhouse. Chairman Bob Eckert lauded Bergh for his revolutionary impact on the apparel company.
Bergh expressed gratitude towards his team and stakeholders for their support in bolstering Levi's brand throughout his transformative tenure. He will transition to the role of executive vice chair until April before retiring, continuing to serve as an advisor through the fiscal year end.
Gass, aged 55, joined Levi's presidency earlier this year and has since been instrumental in driving global expansion efforts. Her leadership is expected to reinforce Levi’s position as a comprehensive denim lifestyle brand. As she prepares to become CEO per the previously established succession plan, Gass is expected to build upon the strategic initiatives set forth by Bergh.
Levi Strauss & Co., operating from its San Francisco headquarters, markets its products internationally across more than 110 countries, maintaining a strong global presence in the jeanswear market.
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