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Ralph Lauren announced on Wednesday, March 2, that Howard Smith, the company's executive vice president and chief commercial officer, is set to leave his post. The executive is expected to submit his resignation immediately after the company learned about his alleged misconduct.
According to CNBC, when the allegations on Smith's personal demeanor have reached Ralph Lauren, the audit committee of the company's board of directors launched an independent investigation. The probe was also assisted by a counsel from outside of the firm.
Ralph Lauren shared the steps it had taken regarding the issues involving its EVP through its recent filing with the U.S. Securities and Exchange Commission. The probe concluded that Smith's conduct violated RL's code of business conduct and ethics, and a few other policies.
Based on the reports, Smith's profile page on Ralph Lauren's corporate webpage was already deleted and now shows a blank page since early Wednesday. While the resignation was already confirmed, the company made it clear in its SEC filing that this has nothing to do with financial reporting and business performance.
RL explained that it is the firm's regional leaders who manage the day-to-day business. In the meantime, they also report directly to Patrice Louvet, the brand's CEO and president.
"Upon recently learning of allegations regarding Mr. Smith's personal conduct, the Audit Committee of the Board of Directors promptly launched an independent investigation with the assistance of outside counsel," part of RL's statement in its SEC filing that was forwarded on Wednesday. "Because 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."
Meanwhile, Howard Smith worked for Ralph Lauren for almost 20 years, and prior to his last job post in the company, he also held different roles, including logistics VP and RL's global supply chain's SVP.
With his departure, Ralph Lauren has become the second major brand to lose a high-ranking executive this month. Estee Lauder ousted its senior executive John Demsey earlier this week after a backlash due to his social media post that has been described as racist.
