PVH Corp. said this morning that it inked a new employment agreement with Fred Gehring, who currently serves as executive chairman of Tommy Hilfiger as well as vice chairman of PVH.

In the agreement, Gehring will “relinquish his role” as Hilfiger’s executive chairman but will continue as vice chairman of PVH, “serving as an adviser to Manny Chirico, PVH’s chairman and chief executive officer, and the PVH board on matters related to PVH’s business and growth strategies,” the company said. Gehring is also stepping down from the board of the directors of the company. The changes are effective August 1.

Tommy Hilfiger chief executive officer Daniel Grieder continues in his role.

Chirico said Gehring has been an “exceptional partner since our 2010 acquisition of Tommy Hilfiger. Under his guidance, Tommy Hilfiger has consistently been a top performer designer brand and he has seen to the seamless transition of theTommy Hilfiger leadership to Daniel Grieder.”

Working with Gehring, Grieder grew the European business and positioned the “Tommy Hilfiger organization for long term growth,” the ceo added.

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