Ralph Lauren Corp (NYSE:RL) stock was down on Thursday following news that CEO Stefan Larsson is leaving the company.
According to the announcement, Stefan Larsson will be stepping down as the CEO of Ralph Lauren Corp on May 1. The company says that it is planning to start the search for its new CEO soon.
Ralph Lauren Corp says that it will still be moving forward with its Way Forward Plan that was revealed in June 2016. Jane Nielsen, RL’s CFO, will be leading the plan following the departure of Larsson. The company’s next CEO will take over leading the plan from Nielsen.
“That plan is on track — I am proud of the progress the whole team has made and I am committed to ensuring its uninterrupted execution,” Larsson said about the Way Forward Plan. “Ralph will always be an inspiration to me, and I am grateful to have had this experience.”
Ralph Lauren Corp also released its earnings report for the fiscal third quarter of 2017 today. The company reported earnings per share of $1.86 and revenue of $1.71 billion. Wall Street was looking for earnings per share of $1.64 and revenue of $1.71 billion for the fiscal third quarter of the year.
During its most recent earnings report, Ralph Lauren Corp reaffirmed its guidance for the full fiscal year of 2017. It is expecting consolidated net revenue to decrease by a low-double digit rate. RL is also expecting operating margin to be 10% and its tax rate to be 29% for the year.
RL stock was down 11% as of Noon Thursday.