Ralph Lauren forced his executive vice president and chief commercial officer to resign after learning of allegations of “director’s personal conduct.”
Howard Smith, 50, will resign from the company on April 2 and will resign effectively immediately, according to a submission to the Securities and Exchange Commission on Wednesday.
The retailer said an independent investigation using an outside adviser found that Smith was involved in conduct that violated the company’s code of ethics, business conduct and other policies. Ralph Lauren did not specify the charges against Smith.
Ralph Lauren’s board of directors concluded that Smith’s resignation was “necessary.” The documentation states that the termination of employment “is not related to the financial reporting and business results of the company.”
Smith has been with the company for nearly 20 years and has held various roles, according to his LinkedIn account. He owns 65,895 shares in the company, InsiderTrades.com reported to be worth approximately $ 8.22 million.
According to InsiderTrades, Smith earned approximately $ 8,110,759 in total compensation in 2020. His salary was $ 1,050,000, but he also received more than $ 7 million in rewards for shares, compensation other than equity and other compensation.
He has not actively traded any shares of Ralph Lauren in the last 90 days, but sold 6,212 shares on May 27, 2021 for $ 776,500, leaving him 65,895 shares.
Ralph Lauren Corporation declined to comment, and Smith did not respond immediately to DailyMail.com’s request for comment.
Ralph Lauren forces executive vice president and chief commercial officer Howard Smith to resign after learning of allegations of his “personal conduct”
Smith will resign from the company on April 2 and will resign effectively immediately. The retailer claims in an SEC filing that an independent investigation has found that Smith is engaged in conduct that violates the company’s code of ethics, business conduct and other policies. The records do not specify what the charges against Smith are
Ralph Lauren, CEO and CEO of Ralph Lauren Corporation, and Patrice Louve, president and CEO, announced officials about Smith’s resignation in an inside note Wednesday.
“We are saddened by this situation and realize that this news will come as a surprise. “Howard has contributed significantly to the development of our company over the past 20 years, and we are grateful for that,” Lauren and Louve wrote in a note received by DailyMail.com.
“However, after recently learning of allegations related to Howard’s personal conduct, our board of directors has launched an independent investigation, which is its responsibility in bringing such allegations. As the investigation revealed behavior that violates our Code of Conduct and other policies, it was decided that Howard would resign. You should know that these problems do not affect the financial performance or performance of the Company.
The couple added that they have “great trust” in the leaders who are tasked with managing his roles and “together we will continue to build on our momentum and realize the many opportunities for our iconic brand.”
Regional leaders, who are already overseeing day-to-day operations, will carry out his duties in the meantime and report directly to the company’s president and CEO.
Ralph Lauren (left) issued a joint statement with President and CEO Patrice Louve (right) to officials saying they were “saddened by this situation” and had “great confidence” in the leaders tasked with governing his roles in the meantime
DailyMail.com received a copy of an inside note sent to Ralph Lauren employees on Wednesday announcing Howard Smith’s resignation
Smith joined Ralph Lauren’s team in 2002 and worked for the company for nearly two decades in several different global locations. He has held positions including Vice President of Logistics and Operations and Senior Vice President of Supply Chain.
He was president of the company in the Asia-Pacific region from 2015 to 2017 and president of Group International from 2017 to 2019.
He recently served in New York as Ralph Lauren’s executive vice president and chief commercial officer. According to his already deleted company biography, Smith is tasked with monitoring the company’s global marketing strategies for all Ralph Lauren brands and channels. He was also responsible for all of the company’s business management teams and was involved in purchasing, planning and distributing goods around the world.
Smith has worked for Ralph Lauren for nearly 20 years. He had several roles in various world offices. He most recently worked at the company’s New York office and in 2020 earned approximately $ 8,110,759 in total compensation.