Ralph Lauren Shares Surge on Designer’s Vote of Confidence in His CEO
- Shares rise the most since 2015 as profit beats estimates
- Founder Lauren assures company is now ‘on the right path’
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Ralph Lauren, the designer, gave a vote of confidence to his namesake company’s new chief executive officer -- a move that heartened investors as the fashion brand leaves behind management frictions of the past.
Patrice Louvet, who took over as CEO last year, seems to be getting along well with company’s 78-year-old founder: “Patrice and I have developed a strong partnership over the past year, and I am confident that we are on the right path," Lauren said in a statement Wednesday. The shares surged the most in 2 1/2 years.