NEW YORK — Ralph Lauren Corporation (NYSE:RL) announced that Stefan Larsson, President and Chief Executive Officer, will leave the Company on May 1. A search for a new Chief Executive Officer is underway. The Company said Chief Financial Officer Jane Nielsen will lead the company until a new CEO takes over.
In its third quarter earnings, the company reported revenues of $1.7 billion, down 12% from last year. Retail revenue was down 2% but wholesale revenue plunged 26% from last year. The company closed 12 underperforming stores in the quarter.
Ralph Lauren, Executive Chairman and Chief Creative Officer, said: “Stefan and I share a love and respect for the DNA of this great brand, and we both recognize the need to evolve. However, we have found that we have different views on how to evolve the creative and consumer-facing parts of the business. After many conversations with one another, and our Board of Directors, we have agreed to part ways. I am grateful for what Stefan has contributed during his time with us, setting us in the right direction with the Way Forward Plan.”
Mr. Lauren continued: “We have built a strong foundation for future growth, including strengthening our team, refocusing our brands, evolving our products and our marketing, improving our operations and reducing our costs. The Board and I are committed to the execution of the Way Forward Plan and continuing to move our business and iconic brand forward as we have done for the last 50 years.”
Mr. Larsson said: “In June, we announced a plan to refocus the Company on what made it iconic, evolve that for today and build our brand to its full potential. That plan is on track — I am proud of the progress the whole team has made and I am committed to ensuring its uninterrupted execution. Ralph will always be an inspiration to me, and I am grateful to have had this experience.”