Ralph Lauren’s CEO quit after Disagreements!

 

Ralph Lauren’s CEO set to quit after disagreements with the Chairman

According to reports, the CEO of Ralph Lauren, Stefan Larsson is set to leave the post after just less than two years.
Ex-head of Gap’s Old Navy division, Mr. Larsson in late 2015 took the post of chief executive in Ralph Lauren.

 

Reports said, he will depart on 1 May with a $10 million settlement charges after differences with founder and chairman Ralph Lauren over the direction of the brand.
Before that, Mr Lauren ran the firm for nearly 50 years before taken over by Mr Larsson.
Meanwhile the luxury fashion giant announced that it is already searching for a new chief executive.
“Stefan and I share a love and respect for the DNA of this great brand,” said Mr Lauren.

 

“However, we have found that we have different views on how to evolve the creative and consumer-facing parts of the business.”
Furthermore Ralph Lauren also posted a 12% drop in holiday quarter revenue to $1.71 billion, after a collapse in wholesale deliveries to customers.

 

Moreover Neil Saunders, who is a managing director of GlobalData Retail, said in a statement that the dreadful results and unexpected departure by Mr Larsson “gives the impression of a brand in crisis, and we believe it signals significant internal wrangling over the future direction of the firm”.

 

“It also demonstrates the founder’s continued dominance over the business,” he added.
“This, in our view, is not the way to reinvent a brand that has clearly lost its way.”