Quick Overview

  • Levi Strauss & Co. said Tuesday that Chief Financial and Growth Officer Harmit Singh plans to retire once a successor is named, and will serve in an advisory role during the transition.
  • According to securities filings, Singh will remain in his current role until a successor assumes the position, then transition to a special advisor role through November 30 to support continuity in leadership transition. The company has initiated a search for his successor and engaged an executive search firm to assist.
  • "Harmit has been a trusted leader for our company, and we are grateful for his contributions and his continued support as we conduct a thoughtful search for our next CFO," CEO Michelle Gass said in a press release.

Deep Insights

According to the company's securities filings, Singh will receive a $3 million cash severance payment after his tenure ends, to be paid in installments over approximately 18 months. The payment is conditioned on Singh "executing and not revoking a comprehensive release agreement."

Levi Strauss announced the leadership change alongside its first-quarter results. For the quarter ended March 1, total net revenue increased 14% year-over-year to $1.7 billion. Gross margin was 61.9%, down from 62.1% in the same period last year, which the company said was "primarily due to tariffs, partially offset by pricing and reduced promotions."

"While we continue to take a prudent planning approach for the remainder of the year, our strong first-quarter results and positive quarter-to-date trends give us reason to raise our full-year outlook," Singh said on Tuesday's earnings call.

Singh became CFO of the apparel maker in 2013. According to his LinkedIn page, his responsibilities expanded in 2023 to become more directly involved in the company's long-term growth strategy.

Before joining Levi's, Singh served as CFO of Hyatt Hotels. He also held financial leadership roles at Yum! Restaurants International and Pizza Hut.

Gass credited Singh with playing a key role in taking Levi's public and laying the foundation for the company's long-term profitable growth. "Thanks to the high-quality finance team he has built, we are well positioned for a smooth transition," she said in Tuesday's press release.