Alstead Named Chairman As Shareholders Reject Sustainability Proposal, CEO Touts Momentum

• Troy Alstead will become chairman as Robert Eckert steps down and retires later in 2026, with director Chris McCormick retiring after the meeting.

• Shareholders also elected all three Class One directors, approved executive compensation and approved PricewaterhouseCoopers, while the sustainability proposal failed.

• CEO Michelle Gass said Levi entered 2026 with clear momentum—Q1 sales up 9% organic and 14% reporteddirect-to-consumer is expected to exceed 50% of the business, and the company is accelerating product initiatives that include a Super Bowl ad and global partnerships.

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Levi Strauss & Co. (NYSE:LEVI) held its 2026 annual meeting of shareholders in a virtual format, featuring board and leadership updates, voting results on four proposals, and a brief review of the business and product from President and CEO Michelle Gass.

Chairman Robert Eckert opened the meeting by welcoming shareholders and introducing the company’s directors and management team. Eckert also noted two departures from the board and leadership.

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Eckert said the director Chris McCormick he will resign after the meeting, thanking him for his “great value and his service.” Eckert also said he will step down as chairman following the meeting and retire later in 2026, calling his 15-year tenure “one of the greatest honors of my career.”

Eckert said Troy Alsteadwho has served on the board for more than 10 years, will be the chairman. He described Alstead as a “guiding force in the company” and said he had “every confidence” in his ability to lead the board.

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David Jedrzejekexecutive vice president and general counsel, reviewed the meeting procedures, including that the meeting was recorded and would be available for 30 days, that registered shareholders could submit questions within the first five minutes, and that voting would be closed after the presentation of proposals. He said Broadridge, acting inspector of elections, confirmed that there was a correct number.

Jedrzejek presented four proposals:

• Election of three directors of the First Class to serve until the 2029 annual meeting: Jill Beraud, Artemis Patrick, and Elliott Rodgers.

• Advisory vote on maximum compensation of the company’s senior executives.

• PricewaterhouseCoopers certification as an independent registered public accounting firm for the financial year ending Nov. 29, 2026.

• Stockholder proposal presented by the National Center for Public Policy Research (NCPPR) calls for an amendment to the bylaw related to the sustainable return on investment report of the audit committee.

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Jedrzejek noticed Steve Milloyexecutive director of the Free Enterprise Project at NCPPR, to present the shareholder proposal. Milloy urged shareholders to vote in favor of the fourth proposal, which he described as related to overseeing the company’s “so-called sustainability programs.”

Milloy criticized the company’s “nett zero by 2050” sustainability goal, saying it was based on what he called “scientific fraud.” He also said that the objective pushed the company to “boast about buying so-called renewable energy,” which he described as “pointlessly expensive and unreliable.” Milloy went on to say that the company is “spreading material lies about sustainability” and warned that it is “illegal for management to issue misleading statements.”

He concluded by telling shareholders, “Vote yes on proposition number 4.”

After Milloy’s remarks, Jedrzejek declared the polls closed and reported the preliminary results provided by the inspector of elections:

• All three Class One director nominees are elected for three terms expiring at the 2029 annual meeting.

• An advisory vote approving executive compensation was passed.

• The appointment of PricewaterhouseCoopers was confirmed.

• The shareholder proposal failed.

Jedrzejek said the final list will be included in the minutes of the meeting and disclosed in a Form 8-K that will be filed with the SEC within four business days.

In the Q&A portion of the meeting, Gass responded to a question about holding momentum “given the strong start to 2026.” Gass said the company started 2026 with “real momentum” and “beat expectations on every high and low point.” He said first quarter sales were up 9% on a biological basis as well 14% on a reported basis, and those results exceeded expectations “in both margin and EPS.”

Gass said the company’s “target to be the number one DTC company is in play this year,” adding that the direct consumer will account for “more than 50%” of the business. He also said that the growth of supermarkets continued the growth of DTC in the first quarter.

He pointed to the acceleration of the “men’s, women’s, top, bottom” category, and said the company’s pivot to be a “head-to-toe denim retailer” is working. “The brand has never been stronger,” Gass said.

Gass highlighted the marketing campaign and partnership, including a Super Bowl appearance at Levi’s Stadium, “the company’s first Super Bowl ad in 20 years,” and the launch of its global campaign, “Behind Every Original.” He said the campaign includes global collaborations and referenced BLACKPINK’s Rosé, noting that the company is expanding that collaboration in Asia through collaborations. He also cited the collaboration with COLERSxSTUDIOS which focuses on emerging artists and noted that Levi’s Stadium will be one of the hosts of the World Cup. Gass added that the company has “16 areas of positive growth” and said it expects the momentum to continue through 2026 and beyond.

In closing, Eckert said the company is making “tremendous progress” in becoming a “premier premium denim retailer,” and expressed confidence in the company’s long-term strategy under Gass’ leadership and Alstead as chairman. He said the company remains committed to “delivering a strong, profitable future for all shareholders.”

Levi Strauss & Co is a global clothing company best known for its denim jeans and casual wear. Founded in 1853 in San Francisco by Bavarian immigrant Levi Strauss, the company pioneered the modern blue jean by introducing rivet-reinforced work pants. Over its more than 160-year history, Levi Strauss has evolved into a lifestyle brand, offering a broad portfolio that includes denim for men, women and children, as well as outerwear, outerwear, footwear and other accessories.

The company’s flagship label, Levi’s®, is known worldwide for its iconic styles such as the 501® Original Fit Jeans, while other brands, including Dockers®, Target core metric, and Denizen® by Levi’s, cater to various price points and consumer segments.

The article “Levi Strauss & Co. AGM: Alstead Named Chairman As Shareholders Reject Sustainability Proposal, CEO Touts Momentum” was originally published by MarketBeat.