Good morning. Ralph Lauren has named a new CFO, effective today: Justin Picicci. After joining the company in 2006, he most recently served as enterprise CFO—part of the company’s multi-year succession process.
Picicci succeeded Jane Nielsen, who became CFO in 2016 and added the role of chief operating officer in 2019. She will remain on as COO through March 2025. Nielsen, who has worked with Picicci for the last seven years, said she's "thrilled" to have him step into the CFO role and looks forward to a seamless transition to "make sure that Justin is set up for success," she said. “I really believe that the company is on a very firm financial foundation and that our strategy is being executed well,” she told me.
During Nielsen's tenure as CFO, Ralph Lauren, an iconic American fashion lifestyle brand, increased average unit retail (AUR) by more than 70%; improved direct-to-consumer penetration by 10 points, which now represents about two-thirds of the total business; and improved operating income by more than 20%.
“As CFO, Jane has had a tremendous impact on Ralph Lauren, helping to guide our company through a period of significant brand elevation and transformation," CEO Patrice Louvet said in a statement.
Taking Picicci under her wing is reflective of her strong belief in mentorship. She noted how Indra Nooyi, the former longtime CEO at PepsiCo, was a significant mentor in her own career.
“She was a mom and an incredible business leader,” Nielsen said of Nooyi. “She took a real interest in me, and I can't say that I know why. But she was an incredible mentor and made me a real believer in the power of mentorship, and I feel an obligation to be a mentor to pay it forward."
To learn more about how Nooyi's advice helped to steer Nielsen toward the C-suite, how Nielsen took on leadership roles at Coach and Ralph Lauren, and also what she sees for her future, you can read my complete article here.
Sheryl Estrada
sheryl.estrada@fortune.com
