Ralph Lauren forces resignation of executive VP – who has more than $8 million shares in the company – after retailer ‘learned of allegations about his personal conduct’ that violated its ethics
- Ralph Lauren has forced Executive Vice President and Chief Commercial Officer Howard Smith to resign after learning of allegations about his ‘personal conduct’
- The company claims Smith engaged in conduct that violated the company’s code of ethics, business conduct and other policies
- It is unclear what the allegations against Smith are
- His resignation is effective April 2 but he will step down from his roles with the company effective immediately
Ralph Lauren forced its executive vice president and chief commercial officer to resign after learning of allegations regarding the director’s ‘personal conduct’.
Howard Smith will resign from the company, effective April 2, and will step down from his roles effectively immediately, according to a Wednesday filing with the Securities and Exchange Commission.
The retailer alleges an independent investigation utilizing outside counsel determined Smith engaged in conduct that violated the company’s code of ethics, business conduct and other policies. Ralph Lauren did not specify what the allegations against Smith are.
Ralph Lauren’s Board of Directors concluded Smith’s resignation was ‘necessary’. The filing notes the termination of employment is ‘unrelated to the company’s financial reporting and business performance’.
Smith was been with the company for nearly 20 years and served in a variety of roles, according to his LinkedIn account. He owns 65,895 shares of the company, InsideTrades.com reported, worth approximately $8.22million.
Regional leaders who already oversee day-to-day operations will fulfill his duties in the interim and report directly to the company’s president and CEO.
Neither Smith nor the company immediately responded to DailyMail.com’s request for comment.
Ralph Lauren has forced Executive Vice President and Chief Commercial Officer Howard Smith to resign after learning of allegations about his ‘personal conduct’
Ralph Lauren, Executive Chairman and Chief Creative Officer at the Ralph Lauren Corporation, and Patrice Louvet, President and CEO, notified employees of Smith’s resignation in an internal memo Wednesday.
‘We are saddened by this situation and recognize that this news will come as a surprise. Howard has contributed significantly to the evolution of our Company for the past 20 years, and we are grateful for that,’ Lauren and Louvet penned in the memo, which was obtained by MarketScreener.
‘However, upon recently learning about allegations related to Howard’s personal conduct, our Board of Directors launched an independent investigation, which is its responsibility whenever such allegations are raised. Because the investigation revealed conduct that violated our Code of Conduct and other policies, it was decided that Howard would resign. You should know that these issues do not concern the Company’s financials or performance.’
The pair added that they have ‘great confidence’ in the leaders who have been tasked with managing his roles and ‘together, we will continue to build on our momentum and realize the many opportunities ahead for our iconic brand.’
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