Ralph Lauren is tanking after its CEO abruptly resigns

Ralph Lauren is down almost 10% at $78.62 a share ahead of the opening bell after its CEO resigned on Tuesday.

Reuters reports that Stefan Larsson, its chief executive for just over a year, will step down on May 1 after contention with chairman Ralph Lauren over the direction of the company.

In other challenges, the fashion company reported a 12% drop in holiday quarter revenue to $1.71 billion due to weak consumer demand.

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