New York — Ralph Lauren Corp. on Friday announced that Roger Farah, executive chairman, will retire at the end of May. He will remain on the company’s board until his term expires in August. Farah, one of the retail industry’s most respected executives, is credited with turning Ralph Lauren into a global powerhouse. He has been mentioned as one of the potential candidates to take the reins of Target Corp. in the wake of Gregg Steinhafel’s departure.
“Roger is a spectacular leader, trusted advisor and a good friend,” said Ralph Lauren, chairman and CEO. “I am tremendously grateful for his important contributions to the growth of this company. During his tenure, Roger helped us assume direct control of our most strategically important regions and merchandise categories, evolving our company into a highly profitable, global business.”
Following Farah’s retirement, a number of top executives will make up the office of the chairman, including CEO Lauren and COO Jacki Nemerov.
Farah’s retirement was announced with the company’s report of fourth-quarter earnings results. For the three months ended March 29, net income rose 20.5% to $153 million from $127 million a year ago. Net revenues for the quarter rose 13.6% to $1.87 billion, from $1.64 billion.