Ralph Lauren Corporation (NYSE:RL) today announced that Roger Farah,
Executive Vice Chairman, will retire from the Company at the end of May.
Mr. Farah will remain on the Company’s Board of Directors until the
expiration of his term on the date of the Company’s 2014 Annual Meeting
of Stockholders in August 2014.
“Roger is a spectacular leader, trusted advisor and a good friend,” said
Ralph Lauren, Chairman and Chief Executive Officer. “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.”
Mr. Farah commented, “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.”
Following Mr. Farah’s retirement from Ralph Lauren, the Company’s Office
of the Chairman will be comprised of: Ralph Lauren, Chairman and Chief
Executive Officer; Jacki Nemerov, President and Chief Operating Officer;
Chris Peterson, Executive Vice President, Chief Administrative Officer
and Chief Financial Officer; and, Valérie Hermann, President, Ralph
Lauren Luxury Collections.
ABOUT RALPH LAUREN
Ralph Lauren Corporation (NYSE: RL) is a leader in the design, marketing
and distribution of premium lifestyle products in four categories:
apparel, home, accessories and fragrances. For more than 47 years, Ralph
Lauren's reputation and distinctive image have been consistently
developed across an expanding number of products, brands and
international markets. The Company's brand names, which include Polo by
Ralph Lauren, Ralph Lauren Purple Label, Ralph Lauren Collection, Black
Label, Blue Label, Lauren by Ralph Lauren, RRL, RLX, Ralph Lauren
Childrenswear, Denim & Supply Ralph Lauren, Chaps and Club Monaco,
constitute one of the world's most widely recognized families of
consumer brands. For more information, go to http://investor.ralphlauren.com.
This press release and oral statements made from time to time by
representatives of the Company contain or may contain certain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
include statements regarding, among other things, our current
expectations about the Company's future results and financial condition,
revenues, store openings, margins, expenses and earnings and are
indicated by words or phrases such as "anticipate," "estimate,"
"expect," "project," "we believe" and similar words or phrases. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause actual results,
performance or achievements to be materially different from the future
results, performance or achievements expressed in or implied by such
forward-looking statements. Forward-looking statements are based largely
on the Company's expectations and judgments and are subject to a number
of risks and uncertainties, many of which are unforeseeable and beyond
our control. The factors that could cause actual results to materially
differ include, among others: the loss of key personnel; our ability to
successfully implement our anticipated growth strategies; to continue to
expand or grow our business and capitalize on our repositioning
initiatives in certain merchandise categories; our ability to secure the
technology facilities and systems used by the Company and those of third
party service providers from, among other things, cybersecurity
breaches, acts of vandalism, computer viruses or similar events; our
ability to continue to maintain our brand image and reputation and
protect our trademarks; the impact of global economic conditions and
domestic and foreign currency fluctuations on the Company, the global
economy and the consumer marketplace and our ability to access sources
of liquidity; the impact of the volatile state of the global economy or
consumer preferences on purchases of premium lifestyle products that we
sell and our ability to forecast consumer demand; changes in the
competitive marketplace and in our commercial relationships; risks
associated with our international operations, such as compliance with
the Foreign Corrupt Practices Act or violations of other anti-bribery
and corruption laws prohibiting improper payments and the burdens of
complying with a variety of foreign laws and regulations, including tax
laws; our ability to continue to expand our business internationally;
risks associated with changes in social, political, economic and other
conditions affecting foreign operations or sourcing (including tariffs
and trade controls, raw materials prices and labor costs); changes in
our effective tax rates or credit profile and ratings within the
financial community; changes in our relationships with department store
customers and licensing partners; the potential impact on our operations
and on our customers resulting from natural or man-made disasters; and
other risk factors identified in the Company's Annual Report on Form
10-K, Form 10-Q and Form 8-K reports filed with the Securities and
Exchange Commission. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
Copyright Business Wire 2014