Ralph Lauren Corp said Stefan Larsson, its chief executive for just over a year, will step down on May 1 following disagreements with chairman Ralph Lauren over the direction of the luxury fashion brand.
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Ralph Lauren’s shares were down 8.7 percent to $79.80 in premarket trading on Thursday.
Stefan Larsson, a former head of Gap Inc’s Old Navy division, was appointed CEO of the company in late 2015, succeeding founder Ralph Lauren, who had helmed the company for nearly 50 years. (http://reut.rs/2jZe8IE)
The company said a search was being conducted for a new CEO.
Ralph Lauren also reported a 12 percent fall in holiday quarter revenue to $1.71 billion, hurt by a slump in wholesale shipments to customers. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Sriraj Kalluvila and Anil D’Silva)
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