Ralph Lauren CEO exiting amid ‘different views’ on marketing
As millennials shun the once-iconic brand, the chief executive who succeeded the company’s founder departs—with $10 million in severance. Stockholders do not fare quite so well.
The man who succeeded Ralph Lauren as head of his eponymous clothing company is stepping down less than 18 months after taking the job.
“Stefan and I share a love and respect for the DNA of this great brand, and we both recognize the need to evolve,” said the 77-year-old Lauren, who stayed with the company as creative director and chairman. “However, we have found that we have different views on how to evolve the creative and consumer-facing parts of the business. After many conversations with one another, and our Board of Directors, we have agreed to part ways.”
Larsson will walk away with a $10 million severance package.
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