NEW YORK - Ralph Lauren Corporation (NYSE: NYSE: RL ) announced today the appointment of Justin Picicci as the new Chief Financial Officer (CFO), effective immediately. The seasoned executive steps into the role as part of a strategic succession plan following Jane Nielsen's tenure as CFO since 2016. Nielsen, who also became Chief Operating Officer (COO) in 2019, will continue her tenure as COO through the end of Fiscal 2025, focusing on the company's operational and strategic functions.
Picicci, who joined Ralph Lauren in 2006, has held various senior finance leadership positions within the company, including Enterprise CFO, Asia Pacific CFO, and North America CFO. His extensive experience across corporate and commercial functions is expected to drive the company's financial strategy towards sustainable profitable growth and value creation. Under Nielsen's financial leadership, Ralph Lauren has seen a significant elevation of its brand and transformation of its business, achieving more than a 70% increase in average unit retail (AUR), a repositioned e-commerce business, and a 10-point improvement in direct-to-consumer penetration.
These strategic moves have resulted in over 20% growth in adjusted operating income and an 80% increase in adjusted earnings per share (EPS). The company's President and CEO, Patrice Louvet, expressed his confidence in the new CFO, stating that Picicci's deep understanding of Ralph Lauren's global business will continue to deliver on the company's .