David Savman
PVH CORP. /DE/About David Savman
David Savman, age 46, is Global Brand President, Calvin Klein and Global Head of Operations & Chief Supply Chain Officer at PVH; he joined PVH as Chief Supply Chain Officer effective December 1, 2022, served as Interim CEO, PVH Europe from June–December 2024, and was elevated to Global Head of Operations & CSCO on January 27, 2025 before being appointed Calvin Klein Global Brand President on May 8, 2025 . He previously spent nearly two decades at H&M Group in senior operating roles, most recently as Head of Global Supply Chain until 2022 . Company performance metrics tied to executive bonuses in 2024 were close to target (Corporate revenue 99.6% of target; EBIT 99.2% of target), yielding a 96.86% payout for corporate-based NEOs, including Savman; Europe delivered 101.1% of revenue and 94.4% of EBIT versus targets, while management credited Savman and the Calvin team with delivering on-time product and margin improvements into Spring ’26 and stabilizing key APAC markets in 2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PVH Corp. | Chief Supply Chain Officer | Dec 2022–present | Brought together global brands, commercial teams, and operating model; drove PVH+ execution across product-to-marketplace . |
| PVH Corp. | Interim CEO, PVH Europe | Jun 2024–Dec 2024 | Repositioned the region for growth; quality-of-sales actions; strengthened execution in Europe . |
| PVH Corp. | Global Head of Operations & CSCO | Jan 27, 2025–present | Elevated to executive officer status reflecting expanded remit across operations . |
| H&M Group | Head of Global Supply Chain; various senior roles | 2003–2022 | Led global supply chain; senior product/operations roles across geographies . |
External Roles
| Board/Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed in PVH filings | — | — | PVH proxy/10-K list executive roles but do not disclose external public company directorships for Savman . |
Fixed Compensation
| Metric (FY 2024 unless noted) | Amount | Notes |
|---|---|---|
| Base Salary | $750,000 | Used for bonus target; prorated as applicable . |
| Target Annual Bonus (% of salary) | 100% | Corporate-only metrics for Savman . |
| Actual Annual Bonus Paid | $726,450 | 96.86% of target for corporate performance . |
| One-time Cash Bonus | $500,000 | Recognition of interim Europe CEO duties while CSCO . |
| All Other Compensation | $469,288 | Includes $251,456 moving/relocation and $149,365 tax gross-up; $68,467 PVH contributions . |
Performance Compensation
Annual Bonus Structure and Outcomes (2024)
| Item | Weighting | Threshold Range | Target | Actual | Payout |
|---|---|---|---|---|---|
| Corporate EBIT | Not disclosed | 80%–115% of target | Not disclosed | 99.2% of target | 96.86% total corporate payout (combined) . |
| Corporate Revenue | Not disclosed | 93%–105% of target | Not disclosed | 99.6% of target | 96.86% total corporate payout (combined) . |
Long-Term Incentives – Grant and Vesting Mechanics
| Grant Date | Award Type | Shares/Units | Grant-Date Fair Value | Vesting / Performance |
|---|---|---|---|---|
| Apr 10, 2024 | RSU | 4,556 | $500,021 | Time-based; 25% on each of first four anniversaries of grant date . |
| Apr 10, 2024 | PSU (Target) | 4,556 (Thr 2,278; Max 9,112) | $569,318 | 3-year performance; 50% Relative TSR vs custom comparator, 50% ROIC; CEO PSU payouts have 1-year post-vest holding, ELT receives 50% of equity value in PSUs . |
| Stock Options (2024) | — | — | — | No option grant to Savman in 2024; PVH shifted mix toward RSUs/PSUs in 2025, away from options for most executives . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 2,605 shares; less than 1% of class . |
| Unvested RSUs at FYE | 2,104 ($188,518), 3,135 ($280,896), 4,556 ($408,218) . |
| Unearned PSUs at FYE | 6,728 ($602,829), 5,695 ($510,272) . |
| Options | None listed (no exercisable or unexercisable options disclosed for Savman) . |
| Ownership Guidelines | 3x base salary for Global Head of Operations & CSCO; 5-year compliance window; must hold 50% of after-tax shares until compliant . |
| Compliance Status | Joined <3 years; making progress toward guideline . |
| Pledging/Hedging | Prohibited (no pledging, margin accounts, hedging/monetization) per Insider Trading Policy . |
| Clawback Policy | Applies to incentive compensation tied to financial reporting measures; 3-year lookback; board required to seek recovery after triggering events (subject to limited exceptions) . |
Employment Terms
| Term | Detail |
|---|---|
| Employment Start Date | Effective Dec 1, 2022 (Employment Agreement) . |
| Current Roles & Elevation | Global Head of Operations & CSCO effective Jan 27, 2025; designated “executive officer”; appointed Global Brand President, Calvin Klein on May 8, 2025 (continuing CSCO until successor named) . |
| Agreement Type | Evergreen employment agreements for NEOs (except Tommy Global President); at-will employment . |
| Restrictive Covenants | Confidentiality; non-compete; non-solicit of associates; non-interference with business relationships . |
| Severance (ordinary termination) | 2x base salary + target bonus (Savman) . |
| Severance (post-CIC; double trigger) | 2x base salary + target bonus; medical/dental/life insurance coverage for 2 years post-termination . |
| Equity Treatment on CIC | Double-trigger vesting if awards are assumed by acquirer; vest upon original schedule or qualifying termination within 2 years . |
| Potential Payments (as of Feb 2, 2025) | Termination without cause/good reason: Severance $3,300,000; welfare benefits $47,830; unvested RSUs $0; PSUs values depend on scenario (see table in proxy) . |
| 280G/4999 Cutback | Benefits subject to “best-net” cutback to avoid excise tax if beneficial to executive . |
| Relocation Support | Received housing expenses in 2024; relocation support through 2025 per PVH policy . |
Performance & Track Record
- Interim Europe leadership: Management credited Savman with repositioning Europe for growth and driving quality-of-sales actions; in 2024 Europe revenue was 101.1% of target with EBIT 94.4% of target .
- Calvin Klein execution: CEO cited Savman and the Calvin team for achieving go-in margin improvements, returning to on-time deliveries, and stabilizing key APAC markets as of Q2 2026 .
Compensation Structure Analysis
- Increased equity mix toward RSUs/PSUs: PVH granted additional RSUs and PSUs in 2025 in lieu of options and intends to continue; ELT receives 50% of equity value in PSUs, emphasizing long-term alignment via TSR and ROIC .
- Annual bonus metrics tied to EBIT and revenue: Corporate ranges (EBIT 80–115%; revenue 93–105%) recognize volatility while capping payouts; 2024 corporate payout was 96.86% of target .
- Perquisites and tax gross-ups: Relocation benefits included a tax gross-up ($149,365) in 2024; PVH policies state no severance tax gross-ups for NEOs .
Equity Ownership & Vesting Schedules
| Award | Grant Date | Vesting Schedule | Shares/Units | Market/Payout Value |
|---|---|---|---|---|
| RSU | Apr 10, 2024 | 25% per year over 4 years | 4,556 | $408,218 (FYE market value) . |
| RSU | Apr 6, 2023 | 25% per year over 4 years | 3,135 | $280,896 (FYE market value) . |
| RSU | Jan 3, 2023 | 25% per year over 4 years | 2,104 | $188,518 (FYE market value) . |
| PSU | Apr 10, 2024 | 3-year performance (50% TSR, 50% ROIC) | Target 4,556 (Thr 2,278; Max 9,112) | $510,272 (FYE payout value for unearned units) . |
| PSU | Apr 6, 2023 | 3-year performance (50% TSR, 50% ROIC) | 6,728 | $602,829 (FYE payout value for unearned units) . |
Say-on-Pay, Ownership Guidelines & Governance Signals
- Ownership guidelines: 3x base salary for Global Head of Operations & CSCO; 5-year window; executives not in compliance must retain 50% of after-tax shares from vesting/exercise until compliant .
- Pledging and hedging: Strict prohibition for officers and directors, reducing alignment risks from collateralized or hedged positions .
- Clawback: NYSE-compliant clawback for incentive compensation tied to financial reporting measures with a mandatory board recovery framework and 3-year lookback .
Investment Implications
- Alignment: Heavy PSU weighting (TSR and ROIC) and double-trigger equity vesting post-CIC indicate strong long-term alignment and reduced short-term gaming; corporate bonus tied to EBIT and revenue keeps focus on profit quality .
- Retention risk: 2x salary+bonus severance and multi-year RSU/PSU vesting create retention hooks; beneficial ownership is small in absolute terms (2,605 shares), with progress required to meet the 3x salary guideline, suggesting continued net share accumulation from vesting events .
- Insider selling pressure: Four-year RSU vesting cadence implies periodic share delivery, but strict no-pledging/hedging and ownership-hold requirements mitigate forced selling; monitor Form 4s around April vesting and blackouts set by the equity award timing policy .
- Execution/Value creation: Management credits Savman with tangible operational improvements (Europe repositioning; Calvin Klein margin and on-time deliveries), supportive of forward brand KPIs; sustained bonus attainment near target in 2024 signals operating discipline despite macro headwinds .