Levi Strauss & Co. AGM: Alstead Named Chair as Shareholders Reject Sustainability Proposal, CEO Touts Momentum

Key Points

• Troy Alstead will become chair as Robert Eckert steps down and will retire later in 2026, with director Chris McCormick retiring after the meeting.
• Shareholders re-elected all three Class One directors, approved executive compensation and ratified PricewaterhouseCoopers, while the sustainability oversight shareholder proposal did not pass.
• CEO Michelle Gass said Levi entered 2026 with clear momentum—Q1 sales rose 9% organic and 14% reported, direct-to-consumer is expected to exceed 50% of the business, and the company is accelerating brand initiatives including a Super Bowl ad and global partnerships.

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 business and brand update from President and CEO Michelle Gass.

Board changes and leadership transition

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

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

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

Shareholder meeting procedures and proposals

David Jedrzejek, senior vice president and general counsel, reviewed meeting procedures, including that the meeting was recorded and would be available for 30 days, that registered shareholders could submit questions during the first five minutes, and that voting would close after the proposals were presented. He said Broadridge, acting as inspector of elections, confirmed a quorum.

Jedrzejek outlined four proposals:

• Election of three Class One directors to serve until the 2029 annual meeting: Jill Beraud, Artemis Patrick, and Elliott Rodgers.
• Advisory vote on executive compensation for the company’s named executive officers.
• Ratification of PricewaterhouseCoopers as independent registered public accounting firm for the fiscal year ending Nov. 29, 2026.
• A shareholder proposal submitted by the National Center for Public Policy Research (NCPPR) requesting a bylaw amendment related to a sustainability return on investment report by the audit committee.

Shareholder proposal on sustainability oversight

Jedrzejek recognized Steve Milloy, executive director of the Free Enterprise Project at NCPPR, to present the shareholder proposal. Milloy urged shareholders to vote in favor of proposal four, describing it as related to oversight of the company’s “so-called sustainability initiatives.”

Milloy criticized the company’s “net zero by 2050” sustainability goal, arguing it was based on what he characterized as “science fraud.” He also said the goal had pushed the company to “boast about buying so-called renewable energy,” which he described as “pointlessly expensive and unreliable.” Milloy further asserted that the company “propagates material falsehoods about sustainability” and warned that “it’s quite illegal for management to issue materially misleading statements.”

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

Voting results

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

• All three Class One director nominees were elected to three-year terms expiring at the 2029 annual meeting.
• The advisory vote approving executive compensation passed.
• The appointment of PricewaterhouseCoopers was ratified.
• The shareholder proposal did not pass.

Jedrzejek said the final tabulation would be included in the meeting minutes and disclosed in a Form 8-K to be filed with the SEC within four business days.

CEO highlights early 2026 momentum and brand initiatives

In the Q&A portion of the meeting, Gass responded to a question about maintaining momentum “given the strong start to 2026.” Gass said the company began 2026 with “real momentum” and “beat expectations across the top and bottom line.” She said first-quarter sales rose 9% on an organic basis and 14% on a reported basis, and that results exceeded expectations “across margin and EPS.”

Gass said the company’s “intent to become a DTC-first company is playing out this year,” adding that direct-to-consumer would be “more than 50%” of the business. She also said wholesale growth continued alongside DTC growth in the first quarter.

She pointed to accelerating category performance in “men’s, women’s, tops, bottoms,” and said the company’s pivot to become a “head-to-toe denim lifestyle retailer” was working. “The brand has never been stronger,” Gass said.

Gass highlighted marketing and partnership initiatives, including a presence at the Super Bowl at Levi’s Stadium, the company’s “first Super Bowl ad in 20 years,” and the launch of its global campaign, “Behind Every Original.” She said the campaign included global partnerships and referenced BLACKPINK’s Rosé, noting the company was amplifying that partnership in Asia through a collaboration. She also cited a partnership with COLORSxSTUDIOS focused on emerging artists and noted Levi’s Stadium will be one of the hosts of the World Cup. Gass added the company had “16 quarters of positive comp growth” and said it expects momentum to continue through the rest of 2026 and beyond.

In closing remarks, Eckert said the company is making “great progress” in evolving into a “best-in-class denim lifestyle retailer,” and expressed confidence in the company’s long-term strategy under Gass’s leadership and Alstead as chair. He said the company remains committed to “delivering a strong, profitable future for all shareholders.”

About Levi Strauss & Co. NYSE: LEVI

Levi Strauss & Co is a global apparel 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 with the introduction of 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 tops, outerwear, footwear and accessories.

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

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