Calvin Klein CEO Tom Murry Retiring After 17 Years

His replacement, a fellow Calvin Klein exec, will have big shoes to fill.
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Dhani Mau
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His replacement, a fellow Calvin Klein exec, will have big shoes to fill.
Tom Murry and Lara Stone. Photo: Chung Sung-Jun/Getty

Tom Murry and Lara Stone. Photo: Chung Sung-Jun/Getty

Following what feels like a never-ending series of recent CEO shakeups in the fashion industry, Calvin Klein is getting ready to enter into an era of new leadership.

The PVH-owned brand announced Tuesday that longtime CEO Tom Murry would be stepping down from that role and transitioning to the position of Executive Chairman, in which he'll advise the new CEO, Steve Shiffman, presently the company's President and Chief Commercial Officer. The transition will officially be put into place July 1, with Murry planning to fully retire at the end of the fiscal year.

Murry, who joined Calvin Klein 17 years ago, is credited with bringing the company tremendous growth. “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," explained Emanuel Chirico, Chairman & CEO of PVH in a statement. Murry was also involved in the deal that saw PVH acquiring Calvin Klein in 2002, and bringing the Calvin Klein Jeans and Underwear businesses under the same roof.

It sounds like the company will be in good hands: Shiffman has 30+ years of retail experience, 20 of them with PVH (where he's held several positions), and seven with Calvin Klein, where he's overseen North America retail and e-commerce. The brand is unique in that there are several businesses within it -- from luxury ready-to-wear to mass-produced underwear, much of it licensed out -- and thus, it requires someone with varied retail experience, like Shiffman, to lead it.