Perry Ellis International, the Doral-based global clothing retailer, announced it was eliminating the position of executive chairman held by former CEO George Feldenkreis.
J. David Scheiner, the former president and COO of Macy’s Florida/Puerto Rico, will replace Feldenkreis in the newly created role of non-executive chairman. Scheiner was elected to the Perry Ellis board in June 2014.
Feldenkreis will continue to serve as a member of the company’s board of directors.
“With its diverse portfolio of brands, Perry Ellis has excelled throughout the years as it has adapted to the ever-changing retail environment,” Scheiner said in a statement. “I look forward to continuing to work closely with Oscar [Feldenkreis, CEO and president] and the other Board members as the Company focuses on growing its core brands, delivers superior design, quality and value directly to our consumers, and drives domestic and international growth.”
The elder Feldenkreis, 82, is a Cuban immigrant who began his career importing guayaberas before taking over the Perry Ellis brand in 1999.
He served as CEO and president until May 2015, when he ceded the position to his son Oscar, who continues to oversee the company’s day-to-day operations.
“I have spent the better part of 50 years creating Perry Ellis International and am so proud of what we’ve accomplished, including reaching almost $1 billion in revenue, placing the Company in its strongest financial position in its history, and cementing Perry Ellis as one of the leading men’s apparel companies in the world,” Feldenkreis said in a statement to the Miami Herald. “While I disagree with the Board’s decision that I should no longer serve as Executive Chairman, I am supremely confident in Oscar and I look forward to continuing to successfully serve this company as a Director.”
According to its 2017 second-quarter report filed with the SEC, Perry Ellis International had a net income of $979,000, up from a loss of $3.5 million from the same period in 2016.
Shares of Perry Ellis International traded at $22.17 on Thursday, up from a 12-month low of $16.54 on Aug. 22.
“David has a proven track record and will bring invaluable insight and experience to the role of Chairman,” Jane DeFlorio, lead independent director for Perry Ellis, said in a statement. “We have a very strong management team in place and are confident that we are well positioned to maintain our positive momentum and create shareholder value.”
As executive chairman, Feldenkreis received a compensation in salary and stocks of $1.5 million in the fiscal year 2017.
“The Board is thankful to George for his vision and leadership over the past 50 years,” DeFlorio said. “Both our Board and management team have significantly benefited from George’s dedication and contributions and we wish him all the best.”