Stefan Larsson, chief executive officer of PVH Corp., saw his compensation package increase 4.3 percent to $16.3 million last year.

Most of that came in the form of stock and option awards, which were valued at a total of $11.6 million, although the actual payout will depend on how PVH’s shares perform, linking Larsson’s pay to the shareholder’s pocketbook.

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The CEO also received a salary of $1.4 million and incentive pay of $2.8 million.

Larsson took the helm of PVH in 2021 and is in the midst of thoroughly remaking the company. The Heritage Brands division was spun off, the longtime licensing deal with G-III Apparel Group is being unwound and the company is focusing all of its attention on supercharging the Tommy Hilfiger and Calvin Klein businesses with its PVH+ strategic plan.

“Everything starts with product, and we further improved the relevance and sell-through of our fall 2024 assortment across both brands,” Larsson said in a letter to shareholders detailing the company’s progress on its plan. “We stood up our global product kitchen for Calvin Klein and created a very strong product assortment for Tommy Hilfiger, which launches in fall 2025.

“We connected both Calvin Klein and Tommy Hilfiger to the zeitgeist through our marketing, while continuing to elevate our presence in the marketplace across channels,” he said.

Last week, PVH made a big change atop Calvin Klein, naming David Savman global brand president. Savman, who had been global head of operations and chief supply chain officer, took over from Eva Serrano, who had been in the brand’s top job for just over two years.

While the brand has been taking on a higher profile, with splashy ad campaigns featuring Bad Bunny, Jeremy Allen White and Kendall Jenner, it took longer than expected for it to transition to a “global product kitchen” approach, causing delays.

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