Calvin Klein today announced that current CEO Tom Murry will step down from his position at the PVH Corp.-owned subsidiary at the end of the fiscal year. Effective July 1st Steve Shiffman, presently the president and COO of the brand will take on the role of 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.”

Mr. Chirico added, “Steve Shiffman is a high-energy, customer-focused leader who has delivered outstanding results in every position he has held. He has worked at PVH for over 20 years and has been a key senior executive in the transition of PVH over the last decade. With his experience and proven track record, Steve is the ideal executive to lead our business forward.”

Mr. Shiffman, who first joined PVH in 1992, has over 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 Mr. 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, Shiffan held leadership positions at department store, Macy’s.