Christopher Peterson, president of global brands at Ralph Lauren Corp., has decided to leave the company as of May 31.
This story first appeared in the February 26, 2016 issue of WWD. Subscribe Today.
The company said Thursday that Peterson will work closely with Stefan Larsson, president and chief executive officer, to transition his responsibilities. The position, created in April 2015, is being eliminated. The global brand presidents who reported to Peterson will now report directly to Larsson.
Larsson, thanking Peterson for his contributions to the company, said, “Under the new structure, I will work directly with the global brand presidents as we drive long-term growth and further strengthen this iconic brand.”
Larsson became ceo in November. Peterson joined the company in 2012 as senior vice president and chief financial officer. He later added the titles executive vice president and chief administrative officer, while keeping the cfo post, before his promotion to president of global brands. In that role he had the global brand presidents, cfo, global real estate and investor relations all reporting to him.
Peterson said, “I believe the company is well positioned for future success under Stefan’s leadership.” He added that the transition “makes the most sense” for both him and Ralph Lauren Corp.
Peterson’s exit was revealed after the stock market closed Thursday. After rising 2.2 percent to $91.92, Ralph Lauren shares dropped 3.4 percent in after-hours trading to $88.76.