Due to disagreement with the brand's founder, Stefan Larsson is going to step down as CEO of Ralph Lauren effective May 1st. Ralph Lauren, Executive Chairman and Chief Creative Officer, said in a statement about this decision “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."
Stefan Larsson, the 45-year-old retail whiz who had been accredited as the architect behind the growth of H&M and GAP's turnaround, was brought on board in June 2015 to restructure the company. The Way Forward Plan announced in June 2016, will continue and Chief Financial Officer Jane Nielsen will lead its execution until a new CEO joins the Company.
Mr. Larsson commented: “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.”
The announcement came as the company reported disappointing results for the third quarter, with a 12 percent decline in net revenues compared to the same period last year.