Procter & Gamble beauty executive Patrice Louvet will be heading to Ralph Lauren to become the company’s new CEO. According to the company, Louvet is set to start in July and will be replacing Stefan Larsson.
Larsson had just announced in February that he would be leaving. He was on the job for less than two years and was the only person other than Ralph Lauren himself to hold the title of CEO.
Apparently the two did not work well together creatively but both said that Larsson leaving was a mutual agreement made.
Ralph Lauren made a comment about choosing Louvet and said, “Finding the right partner to work with me to take us forward in our evolution has been my primary focus over the last several months.”
Louvet has been presient of Procter & Gamble’s beauty brands and will be reporting to Lauren.
Shares of Ralph Lauren are down 19 percent this year.
Disclaimer: We have no position in Ralph Lauren Corp (NYSE: RL) and have not been compensated for this article.