Oxford Industries Inc. announced that J. Hicks Lanier has informed the company's board of directors that he plans to retire as chief executive officer effective as of December 31, 2012. Mr. Lanier will continue to serve as chairman of the board following his retirement as CEO.
The company also announced that its board of directors has elected Thomas C. Chubb III, Oxford's president and a current member of the board, to serve as chief executive officer and president effective January 1, 2013.
"Hicks' leadership during his 35 years as Oxford's chief executive officer has been nothing short of extraordinary," said E. Jenner Wood III, presiding director of Oxford's board of directors. "He has superbly navigated the company through times of challenge and change during his long tenure.
"More than a decade ago, he fashioned Oxford's fundamental strategy to migrate from its historical roots as a private label manufacturer to what it is now — a company that stands on the firm foundation of its own, well-known lifestyle brands. Hicks has worked tirelessly to cultivate and execute that strategy, which is the cornerstone of Oxford's success."
"I have had the incredible privilege of working for this wonderful company for the past 48 years and serving as its chief executive officer for the past 35," commented Mr. Lanier. "Words cannot express the deep gratitude I have for the teams of people with whom I've had the honor of serving during my time at Oxford — people whose talent, dedication and integrity have enabled us to overcome countless challenges and transform our company in ways I could not have imagined when I first started with Oxford.
"I am delighted to pass the torch to Tom, whose management capabilities and experience have prepared him well to lead Oxford now and in the future," Mr. Lanier continued. "Tom has played a central role in our strategic and operational plans, particularly over the pivotal past decade as we have evolved into the brand-centric company we are today.
"He has provided key leadership in all of the significant transactions we've completed during this time, from the purchase of Tommy Bahama in 2003 through the acquisition of Lilly Pulitzer in 2010, all transactions which were critical to Oxford's transformation.
"Three of the company's principal business units report to him, as does our corporate services organization. The board and I are confident that Tom's keen knowledge of our business, deep understanding of our organization, time-proven leadership, and commitment to Oxford's core values make him the right choice to lead our company."
Mr. Chubb first came to Oxford as a summer intern in 1988 and joined the company full time as an in-house attorney in 1989. He was promoted to general counsel in 1999 and, during the ensuing years, took on increasing leadership responsibilities for strategic and operational matters within the company. He was promoted to executive vice president in 2004, with management responsibilities for the company's corporate services organization, acquisition and divesture activities, and other key strategic initiatives.
In 2009, he was promoted to his present position as Oxford's president, and currently the company's Lilly Pulitzer, Ben Sherman and Lanier Clothes business units report to him. He was elected to Oxford's board of directors at the company's annual meeting of shareholders in June 2012. Mr. Chubb received a Bachelor of Arts degree in Economics from The University of North Carolina at Chapel Hill and a Doctor of Jurisprudence degree from The University of Georgia.
"I am honored, excited and humbled to have been elected to serve as CEO of this fantastic company," commented Mr. Chubb, "and I am enormously thankful to have had the opportunity to learn from and work alongside Hicks for these many years. As a company, we remain steadfastly committed to delivering long-term, sustainable value for our shareholders, with strong leadership teams in our business units and corporate services group, and people throughout our organization who embody the integrity, intellect and energy that are the hallmarks of Oxford."
Oxford Industries, Inc. is a global apparel company which designs, sources, markets and distributes products bearing the trademarks of its owned and licensed brands. Oxford's brands include Tommy Bahama, Lilly Pulitzer, Ben Sherman, Oxford Golf, Arnold Brant and Billy London. The company also holds exclusive licenses to produce and sell certain product categories under the Kenneth Cole, Geoffrey Beene, Dockers and Ike Behar labels.
