Shares Plummet After Ralph Lauren’s (RL) CEO Abruptly Resigns

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Shares of Ralph Lauren were down nearly 10% ahead of the opening bell on Thursday after the company’s CEO resigned on Tuesday.

The company’s chief executive, Stefan Larsson, will be stepping down on May 1st after him and Ralph Lauren, chairman of the company, have disagreed on the direction of the company.

“Stefan and I share a love and respect for the DNA of this great brand, and we both recognize the need to evolve,” Ralph Lauren, executive chairman and chief creative officer, said in a statement.

“However, we have found that we have different views on how to evolve the creative and consumer-facing parts of the business,” Lauren continued.

Ralph Lauren also recently reported fourth quarter earnings that saw a 12% drop in holiday quarter revenue to $1.71 billion.

Disclaimer: We have no position in Ralph Lauren Corp. (NYSE: RL) and have not been compensated for this article.