Ralph Lauren hires Old Navy executive to replace him as CEO
Waylan Choy stashed this in M&A
American designer Ralph Lauren, who built a fashion powerhouse on luxury designs inspired by country club chic, announced Tuesday he is stepping down as chief executive officer and named the head of Gap Inc's populist Old Navy brand to the position.
Odd choice. I don't think of Old Navy as being similar to Ralph Lauren at all.
It's not necessarily about Creative - it's about business. Apparently Larsson is responsible for Old Navy's turnaround, previously coming from H&M (which you can't deny as a beast in the industry). RL hasn't necessarily been winning big, and I'm sure that is why the change of leadership. The result is likely projected to be: more concentrated, hands-on creative direction from Ralph Lauren himself, with better management of the business/operations via Larsson. Reminds me of Tim Cook succeeding Steve Jobs.
And as the article below states: it's quite a marquee step up for Larsson to go H&M > Old Navy > Ralph Lauren. If he wasn't in the big leagues already (big picture-wise, Old Navy is actually a big brand), he definitely is now.
This followup from yesterday: Gap shares plunge after Old Navy chief leaves for Ralph Lauren
"Larsson is widely known for his expertise in managing retail supply chains ... and that the hope was Larsson would eventually help make supply chain management more efficient at Gap and Banana Republic as well."
Ah, kind of like how Tim Cook hired the former CEO of Burberry. Got it. It's just business.
What else would it be? I would think it's the people that are fluid, able to do a job no matter where they are, especially at the executive level.
re: Cook x Ahrendts
oh snap, that happened.. which reminds me of Cadillac hiring Victoria Beckham at one point. Ahrendts proves to be an interesting case of Gender-don't-mean-jack... "significantly higher than the cash opportunities provided to the Company’s executive officers"
"Apple justified that by saying the 54-year-old had proved an "extraordinary addition to the company’s executive team with the experience and ability to lead both the retail and online businesses".
Ms Ahrendts is responsible for the operation and expansion of the Apple's retail and online stores, and is believed to want to focus on the company's growth within China."
You're right, companies need to hire from SOMEWHERE. Who better from than rivals?
Get the benefit of their expertise, plus the rival loses someone good.
I wonder how much of Apple's recent success in China we can attribute to Ahrendts.
I mean, the whole Google-Facebook-tech-webmedia-restaurant incestuous hiring practice is pretty well established in any industry no? Just like when companies eat companies...
and an acqui-hire can be for the expertise/experience of the best practices of former employer (if applicable).