Ralph Lauren’s “Way Forward Plan,” announced last summer, apparently will not include CEO Stefan Larsson.
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.
The former head of Old Navy, Larsson has struggled to keep the 50-year-old brand relevant among millennial shoppers. Reports have pointed to creative clashes between Larsson and Lauren over the best way to reach new shoppers.
Shares of Ralph Lauren stock fell 11 percent in Thursday trading, piling on to the 22 percent decline the brand has faced over the past year.