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Ralph Lauren names P&G executive Patrice Louvet as CEO

Ralph Lauren Corp named Procter & Gamble executive Patrice Louvet as chief executive, more than three months after his predecessor left the firm, following differences with founder Ralph Lauren over the direction of the company.

SEE ALSO: Ralph Lauren CEO Leaving After Creative Clash With Founder

Louvet’s appointment will be effective July 17, at which time he will also be appointed to the board, the company said.

Most recently, Louvet was group president of P&G’s global beauty unit that oversees 12 brands, including Head & Shoulders, Olay and Pantene.

SEE ALSO: Coty buying P&G beauty business for USD12.5b

“Finding the right partner to work with me to take us forward in our evolution has been my primary focus over the last several months and I am thrilled that Patrice is joining our talented team,” Executive Chairman Ralph Lauren said in a statement on Wednesday.

Louvet’s appointment comes after former Chief Executive Stefan Larsson stepped down in February after just a year in his role, following differences with Lauren over the direction in which to take the company’s product, marketing and shopping experience.

Ralph Lauren is scheduled to report results on Thursday. Its shares were down marginally in trading before the bell on Wednesday.

(Source: Reuters)