PVH Corp. has set the stage for the next generation of leadership of its Calvin Klein, Tommy Hilfiger and international operations.
The company said in a filing with the Securities and Exchange Commission that Fred Gehring, chief executive officer of both Tommy Hilfiger and international operations, and Tom Murry, ceo of Calvin Klein Inc., have signed new employment contracts detailing how they will begin to transition out of their current full-time ceo roles and into new part-time capacities as executive chairmen.
Gehring will begin the process no earlier than one year and no more than three years after the effective date of July 1 while Murry is scheduled to change his role in mid-2016.
Gehring, 58, and Murray, 62, will become executive chairmen of PVH Europe and Calvin Klein Inc., respectively, upon confirmation by PVH chairman and ceo Emanuel Chirico that their successors are ready to assume their duties. The two executives subsequently will have their hours, salaries and bonus opportunities cut in half. Murry’s base salary is currently $1 million, and Gehring’s 950,000 euros, or about $1.3 million at current exchange.
Gehring has been affiliated with Tommy Hilfiger since becoming ceo of the company’s European licensee in 1997. He remained in that role following the licensee’s acquisition by Tommy Hilfiger and became ceo of the firm in 2006. He retained the ceo spot after PVH’s 2010 acquisition of the brand and subsequently added responsibility for PVH’s European and international operations.