Source: CNBC
Summary
Levi Strauss & Co. CEO Chip Bergh will step down on February 26, 2024, and will be succeeded by Chip Fiddelke, the company’s current CFO. Fiddelke said the first quarter “represents the start of our journey.” Bergh will become the non-executive chairman of the board. The company also reported a 6% decline in fourth-quarter revenue. Levi’s direct-to-consumer business grew 10% during the quarter.
Our Reading
The trend returns with a new name.
Levi’s is trading leadership, but not its strategy. Chip Fiddelke steps in, and Chip Bergh steps aside. The company’s direct-to-consumer business grew, while overall revenue declined. This is the cycle of retail. Levi’s is still Levi’s.
Author: Evan Null
