Ralph Lauren executive vice chair to exit
Ralph Lauren’s executive vice chairman Roger Farah plans to leave the company at the end of the month. Farah will remain on the board of directors until the expiration of his term on the date of the company’s 2014 annual meeting of stockholders in August.
“Roger is a spectacular leader, trusted advisor and a good friend,” said chairman and CEO Ralph Lauren. “I am tremendously grateful for his important contributions to the growth of this company. During his tenure, Roger helped us assume direct control of our most strategically important regions and merchandise categories, evolving our company into a highly profitable, global business. He’s cultivated an impressive team of leaders who are ready to build on the strong foundation he has established. I wish Roger and his family all the best.”
“The last fourteen years have been among the most rewarding of my career. It has been an honor to work with Ralph and the team. I am very proud of what we accomplished, and I am excited to watch the company evolve as it pursues its many compelling growth opportunities. I am confident that the leadership team, under Ralph’s guidance and vision, is well prepared to execute the next phase of the company’s development and continue to create significant value for its shareholders,” added Farah.
As a result of Farah’s exit, the company’s office of the chairman will be made up of Lauren; Jacki Nemerov, president and COO; Chris Peterson, EVP, chief administrative officer and CFO; and Valérie Hermann, president, Ralph Lauren Luxury Collections.
Farah’s retirement was announced with the company's report of fourth-quarter earnings results. For the three months ended March 29, net income rose 20.5% to $153 million from $127 million a year ago. Net revenues for the quarter rose 13.6% to $1.87 billion, from $1.64 billion.