Lea Rytz Goldman
PVH CORP. /DE/About Lea Rytz Goldman
Global Brand President, Tommy Hilfiger since April 3, 2024; based in Amsterdam and reporting to PVH CEO Stefan Larsson . A seasoned brand leader, formerly Managing Director of COS and senior leader at H&M Group, credited with revitalizing brands across 40+ markets with sustained, brand‑accretive growth . 2024 company performance: revenue $8.7B (‑6%), GAAP EBIT $772M (non‑GAAP $865M), GAAP EPS $10.56 (non‑GAAP $11.74); Tommy Hilfiger revenue declined 5% (‑4% constant currency) while delivering record engagement through fashion shows and campaigns . Her 2024 bonus was driven by EBIT and revenue at both PVH and Tommy Hilfiger; TH Global achieved €4,237M revenue vs €4,307M target and €612M EBIT vs €659M target, yielding a 77.76% business‑unit payout component .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| COS (H&M Group) | Managing Director | Not disclosed | Led revitalization and strong global growth across 40+ markets |
| H&M Group | Senior brand leadership; led Arket repositioning | ~10-year tenure (not individually dated) | Repositioned Arket and drove brand growth; increased desirability and omnichannel expansion |
| European brand groups | Various leadership roles | Not disclosed | Turnaround mindset; international expansion in Europe and Asia with sustained growth |
External Roles
No current public company board roles disclosed .
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Base Salary (USD) | $627,059 | Prorated from April 3, 2024 start |
| Base Salary (Annual rate, EUR) | €750,000 | Annualized base established in 2024 |
| Target Annual Bonus | 100% of base | Executive bonus plan target |
| Sign‑on / Make‑whole Bonus | €182,000 | Make‑whole vs prior employer’s annual bonus; subject to clawback upon termination |
| Perquisites | Not quantified | Relocation support through 2026; monthly car allowance (Europe) |
Performance Compensation
Annual Bonus Mechanics and Outcomes (FY 2024)
| Scope | Metric | Weight | Target | Actual | Payout vs Target |
|---|---|---|---|---|---|
| PVH Consolidated | Revenue (USD mm) | 25% | $8,733 | $8,696 | 95.53% |
| PVH Consolidated | EBIT (USD mm) | 75% | $883 | $876 | 97.30% |
| PVH Consolidated | Weighted payout | — | — | — | 96.86% |
| Tommy Hilfiger Global | Revenue (EUR mm) | 25% | €4,307 | €4,237 | 82.90% |
| Tommy Hilfiger Global | EBIT (EUR mm) | 75% | €659 | €612 | 76.05% |
| Tommy Hilfiger Global | Weighted payout | — | — | — | 77.76% |
Additional parameters:
- Lea’s bonus weighting: 30% PVH consolidated; 70% Tommy Hilfiger Global .
- Her 2024 bonus calculation: Base (prorated €630,495) × 100% × (29.06% PVH + 54.43% TH) = €526,400 payout .
Equity Awards Granted April 10, 2024
| Instrument | Shares/Units | Grant Date Value (USD) | Vesting / Performance |
|---|---|---|---|
| RSUs | 6,836 | $750,251 | Time‑based; 25% on each of the first four anniversaries of 4/10/2024 (expected 4/10/2025, 2026, 2027, 2028) |
| PSUs (ROIC + TSR) | Threshold 3,418; Target 6,836; Max 13,672 | Threshold $375,126; Target $750,251; Max $1,500,502 | 3‑yr average ROIC and 3‑yr relative TSR vs custom comparator group (50% each); ROIC goals 30%/34%/38%; TSR percentile 30th/55th/80th; performance cycle generally FY2024–FY2026 (ROIC) and Q2 2024–Q1 2027 (TSR) |
Program design notes:
- PSUs paid to all executive officers; awards 50% PSUs and 50% RSUs for non‑NEO execs starting 2023 .
- Annual stock options in 2024 were granted only to CEO, CFO, and Former CEO PVH Europe; none to Lea .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 863 shares; less than 1% of class |
| Unvested RSUs at FY‑end | 6,836 units; market value $612,506 (as of 1/31/2025) |
| Unearned PSUs at FY‑end | 8,545 units; payout value $765,632 (as of 1/31/2025) |
| Stock Options | None outstanding (no grants in 2024) |
| 2024 Stock Vested / Option Exercise | 0 shares vested; 0 options exercised |
| Ownership Guidelines | 3× base salary for Global Brand Presidents; must hold 50% of after‑tax shares until guideline met; compliance expected within five years |
| Hedging / Pledging | Prohibited for officers, directors and associates |
| Clawback | Incentive compensation subject to a 3‑year lookback; triggers include restatements and material policy violations |
Employment Terms
| Term | Key Provision |
|---|---|
| Start Date | April 3, 2024 (Global Brand President, Tommy Hilfiger) |
| Contract Type | Not evergreen; automatically terminates at Dutch statutory pension age (currently 68y3m) |
| Notice Periods | 6 months (employee resignation w/o good reason or for good reason); 12 months (company termination w/o cause) |
| Location / Good Reason | Good reason includes relocation >120 km from Amsterdam; material diminution of role/compensation/benefits; failure of successor to assume agreement |
| Severance (Ordinary) | 12 months base salary + target bonus (prorated per agreement); paid in 12 monthly installments; deemed to include statutory Dutch severance |
| Severance (Change‑in‑Control) | Same multiple (1× base + target bonus) if terminated w/o cause or for good reason within two years; paid in lump sum 30+ days post‑termination; double‑trigger equity vesting |
| Sale/Spin‑off Exception | No severance if continuing employment offered/assumed in substantially same or greater capacity with comparable compensation/benefits |
| Restrictive Covenants | Confidentiality; non‑solicit; non‑interference; non‑compete against direct competitors or planned businesses/products during and following employment |
| Tax Gross‑ups | NEO employment agreements do not provide severance tax gross‑ups |
Potential payments as of February 2, 2025 (assumptions per proxy):
- Termination w/o cause or for good reason upon change‑in‑control: Severance $1,554,300; RSUs $612,506; PSUs $166,691; total $2,333,497 (values based on 1/31/2025 price and proration rules) .
Investment Implications
- Pay‑for‑performance alignment: Annual bonus rigor (EBIT and revenue with 80–115%/93–105% ranges) and long‑term PSUs (ROIC and relative TSR vs 45‑company comparator) drive at‑risk pay; say‑on‑pay approval >98% reinforces governance strength .
- Retention risk appears contained: 1× severance multiple and double‑trigger equity vesting under change‑in‑control, coupled with relocation support and non‑compete/non‑solicit provisions, support continuity in a pivotal brand role .
- Insider selling pressure: First RSU vest expected April 10 annually (25% of 6,836 units), but mandatory 50% post‑tax hold until guideline compliance and hedging/pledging prohibitions temper near‑term liquidity; 2024 shows no vesting/exercises .
- Execution risk: Tommy Hilfiger’s 2024 performance fell below bonus targets (weighted 77.76% vs target) amid planned “quality of sales” actions in Europe, suggesting near‑term P&L trade‑offs; however, brand engagement hit records and PVH targets for non‑GAAP EPS were achieved, indicating strategic discipline .
PVH performance context: Revenue $8.7B (‑6%), GAAP EBIT $772M (non‑GAAP $865M), GAAP EPS $10.56 (non‑GAAP $11.74); brand milestones included record engagement across Calvin Klein and Tommy Hilfiger .
Appendix: 2024 Summary Compensation (USD)
| Category | Amount |
|---|---|
| Salary | $627,059 |
| Bonus (make‑whole) | $195,996 (reflects €182,000; clawback‑eligible) |
| Stock Awards (RSUs+PSUs) | $1,604,478 |
| Non‑Equity Incentive (Annual Bonus) | $566,880 |
| All Other Compensation | $387,599 |
| Total | $3,382,012 |
Program Governance Highlights
- No repricing of options; no dividends on unvested RSUs or accruals on unearned PSUs; awards capped; independent compensation advisor; annual risk assessment; robust stock ownership guidelines .
- Prohibitions on hedging/pledging; comprehensive clawback with 3‑year lookback; strong board governance and investor engagement .