Ralph Lauren CEO Stefan Larsson To Resign; Maintains 2017 Guidance - Quick Facts

(RTTNews) - Ralph Lauren Corp. (RL) announced that Stefan Larsson, President and CEO, will depart from the company on May 1. A search for a new CEO will be conducted. The company said CFO Jane Nielsen will lead the execution of the Way Forward Plan until a new CEO joins the company.

Ralph Lauren, Executive Chairman and Chief Creative Officer, said: "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. After many conversations with one another, and our Board of Directors, we have agreed to part ways."

Separately, Ralph Lauren announced, for Fiscal 2017, the company is maintaining guidance. Consolidated net revenue is expected to decrease at a low-double digit rate consistent with the Way Forward plan. In the fourth quarter of Fiscal 2017, the company expects consolidated net revenues to be down mid-teens on a reported basis. This compares 13 weeks this year to 14 weeks last year.