A CFO transition is taking place at the iconic American fashion house Ralph Lauren—and mentoring played a big role.
Jane Nielsen, who became CFO in 2016 and added the role of COO in 2019, will remain on as the latter through March 2025 as Justin Picicci becomes the new finance chief—effective today. Nielsen has worked with Picicci for seven years. He joined the company in 2006, most recently serving as enterprise CFO, which is part of the company’s multi-year succession process.
“I really believe that the company is on a very firm financial foundation and that our strategy is being executed well,” Nielsen told Fortune. She's "thrilled" to have Picicci step into the CFO role and looks forward to a seamless transition to "make sure that Justin is set up for success," she said.
During Nielsen's tenure as CFO, Ralph Lauren 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%.
Nielsen also took Picicci under her wing, reflecting her belief in mentorship. She noted how Indra Nooyi, the former long-time CEO at PepsiCo, was a significant mentor in her own career.
‘What C-suite job do you want?’
Nielsen spent the first 15 years of her career at PepsiCo working under Nooyi, who first hired her to work in the strategy group that she led.
“She was a mom and an incredible business leader,” Nielsen said. “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." Nielsen added, "I found it incredibly inspiring to be able to look up and see a woman of color having such a big impact and yet remaining so connected with people."
Nooyi soon nudged her to take her career to the next level. “She said, ‘Jane, we know you're a really good strategist,’” Nielsen recalled, “‘but what C-suite job do you want?’” Nielsen said CFO. “‘We don't know if you can do a forecast, close the books, allocate capital; you've got to go do that job now,’’ Nielsen recalled Nooyi told her.
First she became CFO of the North American bottling business, and when Nooyi became CEO, Nielsen was tapped to become SVP of investor relations, later becoming CFO of PepsiCo’s Beverages America business.
'He believed in me'
But Nielsen still aspired to become CFO of a whole public company, so she joined Coach as finance chief in 2011.
“Lew Frankfort, who basically took the Coach brand from $4 million to $4 billion, was the CEO at the time, and he believed in me,” Nielsen said.
There was a reset of the Coach business during her five years with the company, including hiring a new designer, and Nielsen helped reposition the brand and deliver financial growth. Being CFO gave her a feel for strategies to invest in, and also the value of team building. “In any consumer business, the heroes are on the front line—they’re your interface with the consumer,” she added.
She then joined Ralph Lauren as CFO, but three months into her tenure, there was a CEO change and Nielsen unexpectedly was asked to fill even bigger shoes as interim CEO. But she was up to the challenge.
“Personally, I wanted to step beyond the traditional CFO role, and I thought Ralph Lauren would give me that opportunity,” she said. Six months later, Patrice Louvet joined as CEO, and she became his strategic partner as finance chief. Nielsen later took on the COO role. In her two C-suite roles, she handled global finance, business development and real estate organizations, and driving the company’s financial strategy.
“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," Louvet said in a statement. "I am grateful for her leadership, and I look forward to continuing to partner with her in her role as COO."
For the next 10 months, Nielsen said she'll be working on supporting the CFO transition and leaning into her COO responsibilities. But after that, could a CEO role be in her future?
“I'm not nearly ready to retire,” she said. “I believe I have done a tremendous amount at Ralph Lauren, and I would love to take everything I’ve learned throughout my career and bring it to bear in a meaningful way at another company.”
And that undoubtedly will include being a mentor.
