Calvin Klein chief executive Tom Murry is to retire after 17 years, and will be replaced by president and chief commercial officer Steve Shiffman.
Murry will retire at the end of the year, although he will first act as executive chairman from July 1, serving in an advisory capacity to Shiffman, who will start his new role on the same date.
Emanuel Chirico, chairman and chief executive of Calvin Klein parent company Phillips-Van Heusen, praised Murry’s “amazing” impact on the company.
“Under his leadership, Calvin Klein has grown from $2.8bn (£1.69bn) in global retail sales in 2003 to close to $8bn (£4.84bn) in 2013, having evolved from a licensed-only model to a more directly operated business,” he said.
Chirico also applauded Shiffman as “a high-energy, customer-focused leader”.
“With his experience and proven track record, Steve is the ideal executive to lead our business forward,” he added.
Shiffman, who first joined Phillips-Van Heusen in 1992, is a member of the group’s corporate operating committee.
He has overseen the global commercial operations of the Calvin Klein business, reporting to and working closely with Murry, with direct responsibility for North America retail and ecommerce businesses, Asia-Pacific and Latin American operations, as well as global licensing and creative services.