Ralph Lauren CEO Leaves After Less Than Two Years
Image by Jason DeCrow / AP
Ralph Lauren Corp. announced today that Chief Executive Officer Stefan Larsson, 42, is leaving after less than two years as CEO, according to the Chicago Tribune.
Larsson was brought on board to implement a new creative vision, but reportedly he and Ralph Lauren, 77, disagreed on how to revive the brand.
Shares are down 11 percent to $75.50 on news of the creative duo’s split circulated.
“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,” Lauren said in the statement. He continued, “After many conversations with one another, and our board of directors, we have agreed to part ways.”
Larsson previously worked for H&M and Old Navy, chain stores that are tailored to a different demographic than Lauren’s upscale clothing.
“When you bring in an executive from a company that’s primarily a mass discounter, when you’re participating in the high end and the premium market, you’re not going to get a good fit,” said Milton Pedraza, the head of Luxury Institute.
Ralph Lauren Corp. will pay Larsson $10 million in severance and health benefits over the next two years.
Contact Andrea Cantor at cantor@forward.com
A message from our CEO & publisher Rachel Fishman Feddersen
I hope you appreciated this article. Before you move on, I wanted to ask you to support the Forward’s award-winning journalism during our High Holiday Monthly Donor Drive.
If you’ve turned to the Forward in the past 12 months to better understand the world around you, we hope you will support us with a gift now. Your support has a direct impact, giving us the resources we need to report from Israel and around the U.S., across college campuses, and wherever there is news of importance to American Jews.
Make a monthly or one-time gift and support Jewish journalism throughout 5785. The first six months of your monthly gift will be matched for twice the investment in independent Jewish journalism.
— Rachel Fishman Feddersen, Publisher and CEO
