Spread whole potato chips in single layers on parchment paper-lined wire racks. Combine caramels and cream in a heavy saucepan over low heat, stirring constantly, until smooth; remove from heat. Drizzle caramel over chips.
Melt milk chocolate morsels and shortening in a small bowl in microwave at HIGH, 1 1/2 to 2 minutes, stirring after 1 minute; cool slightly. Drizzle chocolate over caramel on potato chips; sprinkle with pecans. Cool until chocolate and caramel harden.