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Ralph’s executive vice president and chief commercial officer, Lauren Howard Smith, will step down immediately following an investigation into allegations of personal behavior.
“After recently learning of allegations about Mr. Smith’s personal conduct, the Board of Directors’ Audit Committee immediately launched an independent investigation with the help of an outside adviser,” the company said in a paper to the Securities and Exchange Commission on Wednesday. “As the investigation revealed conduct that violated the Company’s Code of Business Conduct and Ethics and other policies, the Board concluded that Mr. Smith’s resignation was necessary.”
Ralph’s executive vice president and chief commercial officer, Lauren Howard Smith, resigned immediately after an investigation into his personal behavior. (iStock)
The company, which declined to comment on the specifics of the allegations, stressed in its submission that Smith’s resignation was not related to his financial reporting and business results. Smith did not immediately return FOX Business’s request for comment.
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According to his LinkedIn page, Smith joined Ralph Lauren in 2002 as vice president of logistics and operations for European business. Smith went on to serve as senior vice president of the company’s supply chain operations for offices in Europe, the Middle East and Africa, the United States and Canada and China, and president of Japan’s Japan, Asia-Pacific and international business.
PARIS, FRANCE – JULY 03: Ralph Lauren President for Europe Howard Smith attends a photo shoot for the Vogue Foundation dinner as part of Paris Fashion Week – Haute Couture Fall / Winter 2018-2019 at the Musee Galliera on July 3, 2018 in Paris, France. (Photo by Julien Heck (Julien Hekimian / Getty Images for Vogue / Getty Images)
As Chief Commercial Officer, Smith oversaw the company’s global marketing strategy for all brands and channels, including retail, wholesale and digital, as well as purchasing, planning and distributing goods worldwide. He also runs the Lauren brand worldwide, according to his biography.
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Although Smith resigned immediately, his resignation will take effect on April 2. Regional leaders, who are already monitoring day-to-day business, will report temporarily directly to Ralph Lauren’s president and CEO Patrice Louve.
“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,” Louve and Ralph Lauren said in a note to employees. “We have great confidence in our strong group of leaders in each region who are already monitoring day-to-day business. Together we will continue to build on our momentum and realize the many opportunities for our iconic brand. “
| Ticker | Security | Last | Change | Change% |
|---|---|---|---|---|
| RL | RALPH LAUREN CORP. | 128.47 | +3.77 | + 3.02% |
Smith’s resignation comes just days after Estée Lauder fired John Demsey, a senior executive who published a meme of his personal Instagram an account last week that contained racial insults and jokes about COVID-19. Demzi, who was president of the company’s executive group and oversaw some of the biggest brands including MAC and Clinique, has been with the company for 31 years.