Levi’s (NYSE:LEVI) CEO Chip Bergh is calling it quits and handing the reins over to his long-anointed successor Michelle Gass, the former CEO of Kohl’s, the company announced Thursday.
Gass will take over the chief executive position on Jan. 29 while Bergh will officially retire on April 26. He will stay on as executive vice chair of the board until then. Once he retires, he will serve as an advisor through the end of the fiscal year.
“Chip has transformed this company and will leave it far better than when he arrived. I know we will continue to benefit from Chip’s strategic perspective as he continues to serve on the company’s board,” said Bob Eckert, chairman of Levi’s board.
Bergh took over as Levi’s CEO in 2011 and is one of just a handful of people who has run the company and was not related to its original founder, Levi Strauss. During Bergh’s tenure, he led Levi’s through its March 2019 initial public offering, its acquisition of Beyond Yoga and its deeper expansion into women’s offerings.
He also transformed the company into a direct-to-consumer powerhouse that is no longer solely reliant on its wholesale partners. In doing so, he reinvigorated the Levi’s brand and kept it relevant despite its 170-year long legacy.
LEVI shares dipped six cents to $15.28.
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