ralph lauren ceo to depart, shares down 10%
On Thursday, the fashion company announced that the CEO would leave the company after three months, with its share price down 10%.
In November 2015, StefanLarsson, former global president of the Old Navy, took over as CEO of Ralph Lauren, who has served as executive chairman and chief creative officer.
However, the company said that because Lauren himself had different opinions on the direction of the company\'s development, Larsson will leave on May 1.
The company said chief financial officer Jane Nielsen would step in when looking for a CEO.
\"Stefan and I share the love and respect for the DNA of this great brand, and we all recognize the need for development,\" Lauren said in a statement . \".
\"However, we found that we have different views on how to develop ideas and consumers --
Part of the business.
After many conversations with each other and our board, we agreed to part-ways.
\"Last year, in order to upgrade the brand, the company began a plan to re-focus.
\"This plan is in progress ---
\"I am proud of the progress made by the whole team and I am committed to ensuring its uninterrupted execution,\" Larsson said in a statement . \".
\"Ralph will always be my source of inspiration and I am grateful to have this experience. ”Ralph Lauren (RL)
Shares fell more than 11% to $77 on Thursday. 39.
Shares have fallen 6% in the past six months.
As Larsson \"appears to be leaving suddenly\", Tuna Amobi, equity analyst at CFRA Research, downgraded his position on Lauren shares from \"hold\" to \"sell\" and 12
Monthly target price of $32 to $78 per share.
In a note to investors on Thursday, he wrote: \"We see some uncertainty in the implementation of the \'future restructuring plan . \".
Ralph Laurenson released the third one.
Quarterly earnings before market opening.
Adjusted earnings of $1.
$86 per share, more than $1 expected.
According to analysts surveyed by S & P Global Market Intelligence, it is £ 64 per share.
Ralph Lauren reported net income of $0. 155 billion, compared to $0. 121 billion a year ago, or $0. 193 billion.
Analysts had expected $136. 2 million.
Income fell 12% to $1.
71 million, more than analysts expected $1. 7 million.
As part of the restructuring plan, the company reduced its inventory levels during the quarter, reduced merchandise to market, and closed 12 poorly performing stores.
It also hired Kevin Cargan as creative director, who previously worked with Calvin Klein.
Follow USA Today reporter Mike Snyder on Twitter: @ MikeSnider.