- After about a year and a half on the job
- Praise and thanks for Larsson
- Larsson will receive $10 million
- Search for a successor
(management-change.com) — New York, February 02, 2017 — Stefan Larsson, chief executive of Ralph Lauren Corporation, leaves. As announced by Ralph Lauren Corporation in a news release and in a regulatory filing published on Thursday, February 02, 2017, Stefan Larsson, Chief Executive Officer, leaves the design company in a surprising move after about a year and a half on the job, effective May 01, 2017.
No company wants a CEO to flame out in the first years.
Ralph Lauren Corporation will undertake a search for a successor.
The management change is explained as follows. Ralph Lauren, Executive Chairman and Chief Creative Officer said in a fairly blunt statement: “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.”
“We have agreed to part ways”
He added: “After many conversations with one another, and our Board of Directors, we have agreed to part ways.”
Ralph Lauren Corporation said: “Stefan Larsson, President and Chief Executive Officer, will depart from the Company on May 1.”
Precise information about the future plans of Larsson was not immediately available.
Share price decline
The change follows a decline in the share price of Ralph Lauren Corporation since December 2014.
Chaired by Ralph Lauren
Ralph Lauren Corporation is chaired by Ralph Lauren.
Ralph Lauren founded Ralph Lauren Corporation in 1967 and has been its Chairman since 1997. Lauren has been Chief Creative Officer of Ralph Lauren Corporation since November 2, 2015 and served as its Chief Executive Officer until November 2015.
On the job as CEO since 2015
Larsson has been Ralph Lauren Corporation’s President & Chief Executive Officer and a director of the Company since November 2015.
He was the Global President of Old Navy, Inc., a division of The Gap, Inc., from October 2012 to October 2015.
Previously, Larsson held various leadership positions at H&M Hennes & Mauritz AB (“H&M”), serving as Head of Global Sales from 2010 to 2012; Head of Global Expansion from 2009 to 2010; Head of Operations, Global Expansion from 2007 to 2009; and Regional Manager, U.S. West Coast from 2005 to 2007.
Prior to that, he served in numerous global roles at H&M with responsibility for products, including merchandising, planning and production.
Read the full story in the management-change.com report 06.2017