thanks for visiting cnnmoney. ralph lauren ceo quits, stock plunges
Ralph Lauren (RL)
Although the company also posted quarterly earnings that exceeded Wall Street\'s expectations and reiterated its outlook for the year, the news plunged nearly 12% in the morning.
But sales continue to decline, which is a problem that Larson can\'t solve.
Larsson, former head of Gap\'s Old naval forces, left Gap (GPS)
Became CEO of Ralph Lauren in September 2015.
At that time, it was considered a huge blow to the Gap, as the Old Navy was a department that the company had consistently performed well.
Ralph Lauren\'s investors are also excited because they feel that hiring Larsson will make Lauren, who is CEO, more focused on design and long-term development of the company. term plans.
Lauren is still the chairman of the company named after him.
Related reports: Ralph Lauren fired 8% of the workers, but it seems that Larson and Lauren can\'t see the eyesto-
Focus on where the company should go next.
\"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.
\"Last year, the company announced plans to close about 50 stores and cut 8% jobs.
This is part of what Larsson calls Ralph Lauren\'s \"way forward\" plan.
At the time, Lauren said he agreed with Larsson\'s vision for the company.
\"I trust my children and my children have to grow up,\" Lauren said . \".
Apparently something has happened since then, causing Lauren to withdraw custody of his child.
Ralph Lauren chief financial officer Jane Nielsen will lead the company when looking for a new CEO.
But interestingly, Lauren said the company\'s \"way forward\" plan is still going on.
Larsson said in a statement that he was \"proud of the progress made by the whole team and I am committed to ensuring that he is executed without interruption before he leaves \".
Nevertheless, the reshuffle of Ralph Lauren is a turbulent moment for many bricksand-
Retailers, especially clothing companies. Amazon (AMZN)
With more and more consumers shopping online, the whole retail industry has been affected. -
Even clothes. So-
The most famous H & M, Forever 21 and Zara are also becoming more and more popular among young consumers.
This has had an impact on many retail icons.
Gap, a former company in Larsson, is still struggling.
Related: Aisle 4 layoffs!
Abercrombie & Fitch of the retailer\'s big professional killer (ANF)
Used to be king of Shopping Centers-Based on retailers.
A & F announced on Wednesday that it will push Fran Horowitz, its President and Chief Merchandise Sales Officer, to serve as CEO in an attempt to turn the company around.
She was the first permanent CEO of former CEO Mike Jeffries who was forced to leave after a series of embarrassing comments on customers.
Macy\'s department store (M)and Kohl\'s (KSS)
Both companies reported a downturn in holiday sales.
Now there is even speculation that Macy\'s might be looking for buyers.
Macy\'s shares rose Thursday morning after the New York Post reported
Time Messi CEO Terry Lundgren, who will step down later this year, may want to sell the company before his term ends.