Major changes are afoot at Calvin Klein.
Steve Shiffman, who is currently the company's president and chief commercial officer, is preparing to replace Tom Murry, who has been at the label for almost two decades, as the chief executive officer on July 1. Once replaced, Murray will take on an advisory role until he retires on January 31.
Murray originally planned to change roles in 2016 but decided to speed up the process, feeling confident in his successor's skills.
"The past 17 years of Calvin Klein have been an incredible experience for me, having shepherded the company through multiple transformations over the last decade. 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," Murray told WWD.
In July, when Shiffman begins his new job, Murray will act as his adviser.
"I'll provide Steve with whatever guidance he wishes. He takes over the reins," Murray said.
In his new role, Shiffman plans to increase the Calvin Klein's international expansion in Asia, India, Australia and South America. He also hopes to change the perception in some parts of the world that Calvin Klein is simply an underwear and denim business.
"We're looking to layer on and leverage our jeans and underwear platform. We're looking to convert many parts of the world from a classifications business of jeans and underwear into a lifestyle business and offer sportswear and other categories," he told WWD.
"In combination there are significant opportunities."
A successor for Shiffman has not been named yet.
What do you think of the idea of Shiffman replacing Murray? Is he the right person for the job? Share your thoughts with us in the comment section below.