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Calvin Klein, Inc. Announces Tom Murry To Retire; Veteran Calvin Klein Executive Steve Shiffman To Be Elevated To Chief Executive Officer

Stocks in this article: PVH

Calvin Klein, Inc., a wholly owned subsidiary of PVH Corp. [NYSE: PVH], today announced that the company’s Chief Executive Officer, Tom Murry, will transition to the position of Executive Chairman of Calvin Klein, Inc. as of July 1, 2014, serving in an advisory role to the new Chief Executive Officer. He will retire at the end of the fiscal year. Effective July 1, 2014, Steve Shiffman, presently the President & Chief Commercial Officer of Calvin Klein, Inc., will be promoted to Chief Executive Officer.

“Tom's accomplishments at the company have been nothing short of amazing,” said Emanuel Chirico, Chairman & CEO of PVH. “Under his leadership, Calvin Klein has grown from $2.8 billion in global retail sales in 2003 to close to $8 billion in 2013, having evolved from a licensed only model to a more directly operated business. Tom was instrumental in helping PVH acquire the company back in 2002 and was a great partner working through the Warnaco acquisition and integration to date. We thank Tom for all he has done over the past 17 years and look forward to his continued leadership during the transition period ahead.”

Said Mr. Murry, “It gives me great pleasure to announce that I will be retiring as of the end of this year and, in the interim, passing the CEO title into the very capable hands of Steve Shiffman, a partner of mine at Calvin Klein for the last 7 years. The past 17 years at Calvin Klein have been an incredible experience for me, having shepherded the company through multiple transformations over the last decade. We have tremendous assets, an incredibly talented management team and corporate culture, and a strategy that resonates in the global marketplace. I felt this is the right time to accelerate our transition plans and made my decision knowing that Calvin Klein is in an excellent position and that we have the right team in place to build on our success around the world. The plan we are announcing today will provide for a smooth, seamless transition in the leadership of Calvin Klein.”

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