News
Ralph Lauren Announces Financial Leadership Changes
Justin Picicci named Chief Financial Officer
Jane Nielsen will remain the company’s chief operating officer until the end of fiscal 2025
NEW YORK, May 23, 2024–(BUSINESS WIRE)–Ralph Lauren Corporation (NYSE: RL) announces the appointment of Justin Picicci as Chief Financial Officer (CFO), effective today. Jane Nielsen, who joined the Company as CFO in 2016 and has served as CFO and Chief Operating Officer (COO) since 2019, will remain as the Company’s COO, continuing to lead key operational and strategic functions through the end of fiscal year 2025 (year closed March 29, 2025). Picicci’s appointment is part of a multi-year strategic succession plan to enable a seamless transition.
“As CFO, Jane has had a tremendous impact on Ralph Lauren, helping to guide our company through a period of significant brand elevation and transformation. I am grateful for her leadership and look forward to continuing to partner with Jane in her role as COO” , said Patrice Louvet, President and CEO of Ralph Lauren Corporation. “Jane and I have worked closely with Justin for years on our ongoing financial strategy. Ralph, the Board and I have the utmost confidence in our ability to together deliver strong growth and value creation.”
“I am immensely proud of Ralph Lauren’s accomplishments over the past seven years, and looking to the future, I am thrilled to have Justin take on the role of CFO. I look forward to a seamless transition and focusing on my operational responsibilities,” said Nielsen. “Justin’s deep and diverse experience at Ralph Lauren, combined with his passion for our brand, make him a natural successor to CFO. I have no doubt he will build on the solid foundation and successful financial strategy that we have implemented over the past several years to deliver our Next Big Chapter: Accelerate flat.”
Ralph Lauren is in a strong financial position as it executes its CFO succession plan. Over the past seven years, the Company has elevated its brand and become a significantly stronger and more profitable business. Operationally, the Company increased average unit retail (AUR) by more than 70%, repositioned its e-commerce business and improved direct-to-consumer penetration by 10 points, now representing approximately two-thirds of the total business. Financially, Ralph Lauren’s global adjusted operating profit increased more than 20%, adjusted earnings per share grew 80%, and the company built a strong balance sheet.
As CFO, Picicci will drive financial strategy to deliver sustainable profitable growth and value creation, overseeing Ralph Lauren’s global financial organization and investor relations. He joined Ralph Lauren in 2006 and has served in a variety of senior financial leadership roles at the Company, spanning corporate and commercial functions, including, most recently, as Enterprise CFO, a role that was part of the Company’s multi-year succession process. In this role, he was responsible for Ralph Lauren’s financial planning, accounting, taxes, treasury, controlling and global purchasing. Picicci also served as CFO of Asia Pacific, global company controller and head of purchasing, and CFO of North America – giving him a comprehensive and in-depth understanding of Ralph Lauren’s business around the world.
The story continues
“Over 18 years ago, I came to Ralph Lauren to work for a brand I grew up with and admired, and to this day I continue to be inspired by our Purpose and Ralph’s timeless vision that guides us and inspires consumers across the world. world. world,” said Picicci. “We are operating from a position of strength, fueled by incredible brand equity, and I, with Ralph, Patrice, Jane and our entire leadership team, will continue to deliver on our strategy.”
Picicci will continue to be a member of the company’s business leadership team and will report to Nielsen through the end of fiscal 2025.
ABOUT RALPH LAUREN CORPORATION
Ralph Lauren Corporation (NYSE: RL) is a global leader in the design, marketing and distribution of luxury lifestyle products across five categories: apparel, footwear and accessories, home, fragrance and hospitality. For more than 50 years, Ralph Lauren has sought to inspire the dream of a better life through authenticity and timeless style. Its reputation and distinctive image have been developed across a wide range of products, brands, distribution channels and international markets. The Company’s brands – which include Ralph Lauren, Ralph Lauren Collection, Ralph Lauren Purple Label, Polo Ralph Lauren, Double RL, Lauren Ralph Lauren, Polo Ralph Lauren Children and Chaps, among others – constitute one of the most recognized brand families in the world . consumer brands. For more information visit corporate.ralphlauren.com.
SPECIAL NOTE ON FORWARD-LOOKING STATEMENTS
This press release contains goals, initiatives and “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding, among other things, the Company’s senior management. Forward-looking statements are indicated by words or phrases such as “anticipate,” “aim,” “outlook,” “commit,” “estimate,” “guarantee,” “expect,” “project,” “believe,” “envision.” , “seek”, “objective”, “target”, “may”, “will” and similar words or phrases These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements. actual results are materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based largely on the Company’s expectations and judgments and are subject to certain risks and uncertainties, many of which are unpredictable and are subject to. factors beyond the Company’s control. Factors that could cause actual results, performance or achievements to differ materially include, but are not limited to, the risk factors identified in the Company’s Annual Report on Form 10-K 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.
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Contacts
Ralph Lauren Corporate Communications
rl-press@ralphlauren.com