Calvin Klein's chief commercial officer, Steve Shiffman, is to take on the role of chief executive after Tom Murry announced his decision to retire.

Murry, will transition to the position of executive chairman of PVH's Calvin Klein business from 1 July, the company said today (25 March), serving in an advisory role to Shiffman. He will retire at the end of the fiscal year.

Having first joined PVH in 1992, Shiffman has over three decades of retail experience. He has overseen the global commercial operations of the CKI business, 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.

"It is an honor to be given the opportunity to oversee one of the world's most iconic designer brands," said Shiffman. "This is an exciting time for Calvin Klein, as the Calvin Klein Jeans and Underwear businesses are now under one roof and the integration has progressed well.

"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."