Howard Smith, chief commercial officer at Ralph Lauren Corp., has resigned and will step down from his role immediately, the company said.
Photo:
Julien Hekimian/Getty Images
Ralph Lauren Corp. said
Howard Smith,
its chief commercial officer, has resigned after a board investigation found his behavior had violated the company’s code of conduct.
The apparel giant said it recently learned of allegations regarding Mr. Smith’s personal conduct, and the audit committee of the board of directors launched an independent investigation with the assistance of outside counsel.
The company didn’t provide details on the allegations but said the investigation found the conduct violated the company’s code of conduct and ethics, and the board concluded that Mr. Smith’s resignation was necessary.
Mr. Smith didn’t immediately respond to requests for comment. The company said Mr. Smith’s resignation is unrelated to its financial reporting and business performance.
“We are saddened by this situation and recognize that this news will come as a surprise,” Executive Chairman
Ralph Lauren
and Chief Executive
Patrice Louvet
wrote in a memo to staff. “Howard has contributed significantly to the evolution of our Company for the past 20 years, and we are grateful for that.”
Mr. Smith, a nearly two-decade veteran of Ralph Lauren, has been its chief commercial officer for the past three years reporting to Mr. Louvet. He oversaw buying, planning and merchandise allocation world-wide as well as the Lauren brand internationally, according to his company biography.
Mr. Smith’s resignation is effective April 2, but he stepped down from his role immediately, the company said. Regional leaders who already oversee the day-to-day business will report on an interim basis directly to Mr. Louvet, the company said.
Write to Jacob Gallagher at [email protected]
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