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Ralph Lauren CEO Stefan Larsson Restructures Management

Ralph Lauren CEO Stefan Larsson is making changes in his new role, shaking up the company’s executive structure.

Larsson took over at Ralph Lauren in November, and, following a four percent decline in net revenues at the end of Q3, the company openly announced that it was looking to him for a turnaround.

According to a memo obtained by Bloomberg, one of Larsson’s key appointments will be Valerie Hermann to the role of global brand president for luxury, women’s collections and accessories. Hermann was previously president of luxury collections and will now be overseeing all luxury brands, with the addition of women’s Polo, Lauren, Chaps, Denim & Supply, and all men’s and women’s footwear, accessories and denim. Hermann joined the company in 2014 from her previous role as CEO at Yves Saint Laurent.

In addition, multiple executives will be leaving in May as Larsson puts his own team in place. Bloomberg reported that Christine Beauchamp, global brand president for Lauren and Chaps, will leave in mid-May for personal reasons, according to the memo the news source received. In addition, president of global brands, Chris Peterson, already announced his resignation at the end of May, at which point his job will be eliminated. Former COO Jackwyn Nemerov left the company in November.

In April, Larsson took on Fredrik Hjalmers, former head of new market expansion at H&M, to oversee distribution and expansion, as well as global real estate and product licensing.

These efforts to streamline the company will cost Ralph Lauren $120 million to $150 million, according to Bloomberg.