Ralph Lauren Steps Aside as CEO; Will Remain Design Chief
September 29 2015 - 4:44PM
Dow Jones News
By Ray A. Smith And Suzanne Kapner
Ralph Lauren Corp. said it has hired Stefan Larsson, the global
president of Gap Inc.'s Old Navy division, as its chief executive,
putting in motion a succession plan for one of fashion's biggest
companies.
Ralph Lauren, who will turn 76 on Oct. 14, has been the chief
executive and lead designer of the company since he founded it 48
years ago and built it into a global luxury brand. While handing
over operational duties, Mr. Lauren will remain at his company as
executive chairman and chief creative officer.
In an interview Tuesday at his Madison Avenue office, Mr. Lauren
stressed that the change wasn't about him stepping aside, but
rather about bringing on a partner to help take the company to the
next level.
"The company has to change," Mr. Lauren said. "It's a public
company and we have a responsibility to have the right
leadership."
Mr. Larsson, who is 41 years old, had been in his role at Old
Navy since 2012 and is credited with helping revive sales at the
casual apparel brand. Previously, he spent 15 years at fast fashion
retailer H&M. He will join Ralph Lauren and its board in
November.
The move to reach outside for a CEO shows how Ralph Lauren,
which had $7.6 billion in sales in its latest fiscal year, is
attempting to shore up its business after sales and profits have
sagged this year. The company's share price has fallen about 44%
this year through Tuesday's close, erasing nearly $5 billion in
market value.
Write to Ray A. Smith at ray.smith@wsj.com and Suzanne Kapner at
Suzanne.Kapner@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 29, 2015 16:29 ET (20:29 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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