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Calvin Klein CEO Murry to retire

NEW YORK (AP) -- Calvin Klein's Tom Murry will step down as CEO of the fashion house in July and retire at the end of the fiscal year.

The 63-year-old Murry will be the company's executive chairman until the end of the year, serving as adviser to Steve Shiffman, the current president and chief commercial officer, who will take over as CEO.

PVH Corp. acquired Calvin Klein in 2002. PVH Chairman Emanuel Chirico said Murry was instrumental in making that happen.

Shiffman, 56, previously served as group president and chief operating officer of PVH Retail, overseeing its retail divisions. He's also served as president and COO of Calvin Klein Retail.

PVH's other brands include Tommy Hilfiger, IZOD and Van Heusen. Its licensed brands include Speedo, DKNY, MICHAEL Michael Kors and Sean John. Shares of PVH fell $1.17 to $118.12 in morning trading.