Ralph Lauren names P&G executive Patrice Louvet as CEO

Ralph Lauren Corp named Procter & Gamble executive Patrice Louvet as chief executive, more than three months after his predecessor left the firm, following differences with founder Ralph Lauren over the direction of the company.

Louvet's appointment will be effective July 17, at which time he will also be appointed to the board, the company said. Most recently, Louvet was group president of P&G's global beauty unit that oversees 12 brands, including Head & Shoulders, Olay and Pantene.

"Finding the right partner to work with me to take us forward in our evolution has been my primary focus over the last several months and I am thrilled that Patrice is joining our talented team," Executive Chairman Ralph Lauren said in a statement on Wednesday. He added that Louvet's business skills, combined "with his collaborative working style, transformation experience and intense focus on results, will put us in a stronger position as we move toward the future."

"The brand holds tremendous potential around the world and I could not be more excited to lead the next phase of development for this great company with Ralph and the team," commented Louvet.

Louvet's appointment comes after former Chief Executive Stefan Larsson stepped down in February after just a year in his role, following differences with Lauren over the direction in which to take the company's product, marketing and shopping experience.

In April, the corporation announced plans to move into a more cost-effective, flexible e-commerce platform, closing its flagship Polo store on New York's Fifth Avenue and streamlining the organization to save $140 million in annual expenses.

Ralph Lauren is scheduled to report results on Thursday. Its shares were down marginally in trading before the bell on Wednesday.

With additional reporting from AFP