Ralph Lauren CEO to leave after differences with founder

RALPH LAUREN Corp said Chief Executive Stefan Larsson, who was hired from rival Gap Inc just over a year ago, would step down following differences over the luxury brand's direction with founder Ralph Lauren.

Shares of Ralph Lauren were down 8.7 percent at $79.80 in premarket trading on Thursday and were on track to open at a more than 6-year low.

Larsson was appointed CEO in late 2015, succeeding Ralph Lauren, who led the company for nearly 50 years.

"Stefan and I share a love and respect for the DNA of this great brand ... However, we have found that we have different views on how to evolve the creative and consumer-facing parts of the business," said Ralph Lauren, who is also the chairman and chief creative officer.

"After many conversations with one another, and our Board of Directors, we have agreed to part ways."

Ralph Lauren said a search was being conducted for a new CEO, while Larsson will stay on until May 1.

The company faced backlash for dressing up Melania Trump for Donald Trump's presidential inauguration, leading to #boycottralphlauren as a trending hashtag on Twitter.

Several top designers, including Tom Ford and Marc Jacobs, had publicly declined to dress Melania Trump for the inauguration.

The company also reported a 12 percent fall in holiday quarter revenue to $1.71 billion, hurt by a slump in wholesale shipments to customers, marking its seventh straight quarterly decline.

Ralph Lauren said it expected current-quarter net revenue to be down in the mid-teen percentage range.