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From Home Furnishing Business

Calvin Klein Sets Executive Succession Plan

The chief executive officer of Calvin Klein, Inc., will transition to executive chairman, an advisory role, prior to retiring at the end of the year.

Tom Murry will become executive chairman of the company July 1, and Steve Shifmann, current president and chief commercial officer of the company will be named CEO.

“Tom's accomplishments at the company have been nothing short of amazing,” said Emanuel Chirico, chairman and CEO of PVH  (NYSE: PVH), owner of Calvin Klein. “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.”

Murry said Shiffman has been his partner at Calvin Klein for the last seven years, and he's confident in his abilities to lead the company.

"We have tremendous assets, an incredibly talented management team and corporate culture, and a strategy that resonates in the global marketplace," he said. "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.”

Shiffman joined PVH in 1992 and has more than three decades of retail experience and is a member of the PVH Corporate Operating Committee. He has overseen the global commercial operations of the CKI business, reporting to and working closely with Murry, with direct oversight of North America retail and e-commerce businesses, Asia-Pacific and Latin American operations, as well as Global Licensing and Creative Services. Previously, Shiffman served as group president and COO of PVH Retail, where he oversaw the company’s retail divisions. Prior to that position, Shiffman was president and COO of Calvin Klein Retail, where he was responsible for all aspects of retail apparel and the accessories business, including design, sourcing, merchandising, planning, distribution, and visual marketing. During his tenure at PVH, he has held several positions of increasing responsibility, and prior to joining PVH, Shiffman held leadership positions in buying and merchandising with Macy's.

Shiffman said he is honored to have the opportunity to oversee the brand.

“With the continued help and support of the enormously talented and passionate group of executives at the company, I intend to do everything possible to strengthen the Calvin Klein brand’s global presence and continued growth, as we move into the future. I would like to recognize Tom Murry, who has been a stellar leader for the past 17 years. Tom is a tremendous talent and a class act, as well as a friend and a mentor. I look forward to his guidance and assistance during this transition and building on his legacy.”

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