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Tommy Hilfiger

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said Monday that it appointed a former Lands' End executive to the positions of president and chief executive, effective immediately.

The company said David F. Dyer will replace Joel Horowitz, who will stay with Tommy Hilfiger as chairman of the board. Dyer was also named a director of the company.

Most recently, Dyer was president and chief executive of Lands' End from 1998 to 2002, where he oversaw the company's sale to

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last year.

Shares of Tommy Hilfiger closed at $10.23 Friday on the

New York Stock Exchange

.