Levi Strauss & Co. Announces Board Leadership Transition
Levi Strauss & Co. (NYSE: LEVI) announced a leadership transition in its board of directors. Stephen C. Neal will step down as board chair on March 26, 2021, due to retirement age. Robert “Bob” A. Eckert has been appointed as his successor. Neal expressed confidence in Eckert's leadership, while CEO Chip Bergh highlighted Neal's role in the company's turnaround and public offering. Eckert, with over a decade of board experience and a strong background in global companies, is expected to enhance the board's effectiveness.
- Appointment of Robert A. Eckert as board chair expected to bring valuable experience and leadership.
- Eckert's extensive background at Mattel and Kraft Foods may strengthen strategic direction.
- Stephen C. Neal's departure may raise concerns about continuity in leadership.
Levi Strauss & Co. (NYSE: LEVI) announced today a transition of the leadership of its board of directors.
Stephen C. Neal, current board chair, will be stepping down from the position on March 26, 2021, after reaching the mandatory board retirement age of 72. The board has unanimously appointed Robert “Bob” A. Eckert to succeed Neal as board chair, effective March 26, 2021.
“It has been an honor to lead the Levi Strauss & Co. board over the last decade. As I step down from this role, I have great confidence that Bob will continue to bring a high standard, invaluable perspective and strong leadership that will help management drive performance over the coming years,” said Neal.
“Steve has been instrumental to our successful turnaround over the last decade, including playing a key role in taking the company public. He has guided us through countless strategic decisions and supported our commitment to our values every step of the way,” said Chip Bergh, president and chief executive officer of Levi Strauss & Co. “As Steve retires as board chair, we are lucky to have Bob step into this role. Bob has been a successful CEO and brings decades of experience with other large, global companies and more than 10 years of experience on our board. He understands our business, our strategies and our culture, and is the ideal person to lead the board into the future.”
In addition to his service on the Levi Strauss & Co. board, Eckert previously served as chairman of the board of Mattel, Inc. from May 2000 until December 2012 and was chief executive officer there from May 2000 until December 2011. Prior to joining Mattel, Inc., he worked for Kraft Foods, Inc. for 23 years, including serving as its president and chief executive officer from October 1997 until May 2000.
“Levi Strauss & Co. is an iconic, global company that I’ve come to know well over my decade of service on the board,” Eckert said. “I look forward to continuing to work with the board and the leadership team in service to our shareholders and other stakeholders, and in support of the company’s long-standing commitment to delivering profits through principles.”
About Levi Strauss & Co.
Levi Strauss & Co. (LS&Co.) is one of the world's largest brand-name apparel companies and a global leader in jeanswear. The company designs and markets jeans, casual wear and related accessories for men, women and children under the Levi's®, Dockers®, Signature by Levi Strauss & Co.™, and Denizen® brands. Its products are sold in more than 110 countries worldwide through a combination of chain retailers, department stores, online sites, and a global footprint of approximately 3,100 retail stores and shop-in-shops. Levi Strauss & Co.'s reported 2020 net revenues were
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