Levi Strauss finance chief set to retire with $3M severance

Dive Brief:

Levi Strauss & Co. Chief Financial and Growth Officer Harmit Singh plans to retire after serving in an advisory role once a successor is named, the apparel manufacturer said Tuesday.
Singh will remain in his current position until a successor is appointed and will then transition into a special adviser role through Nov. 30 to support continuity during the leadership handover, according to a securities filing. The company said it has launched a process to find a replacement with the assistance of an executive search firm.
“Harmit has been a trusted leader across the organization, and we are grateful for his impact and his ongoing support as we conduct a thoughtful search for our next CFO,” Michelle Gass, the company’s CEO, said in a press release.

Dive Insight:

Upon completion of his tenure, Singh will be entitled to receive a $3 million cash severance, paid over a roughly 18-month period, the company said in its securities filing. The payments are subject to Singh’s “execution and non-revocation of a general release agreement.”

Levi Strauss announced the move as it also reported that its total revenues jumped 14% to $1.7 billion during the first quarter ended March 1. Gross margin was 61.9% compared to 62.1% a year earlier, “primarily due to the impact of tariffs, partially offset by price increases and less promotional activity,” the company said.

“While we continue to take a prudent approach to planning for the balance of the year, our strong first quarter results and positive quarter-to-date trends position us to raise our [full-year] expectations,” Singh said during a Tuesday earnings call.

Singh became CFO of the clothing maker in 2013. In 2023, his role was expanded to include a more direct focus on the company’s long term growth aspirations, according to his LinkedIn page. Last year, it was adjusted once again to include oversight of the transformation office and initiatives as well as the creation and scaling of “global talent hubs.”

Gass credited Singh with playing an important role in taking the company public and positioning it for long-term profitable growth. “Thanks to the high-caliber finance team he built, we are well-positioned to navigate a seamless transition,” she said in the Tuesday release.