Ralph Lauren Executive Smith Resigns After Conduct Probe

(Bloomberg) -- Ralph Lauren Corp. said its chief commercial officer has resigned after an investigation showed that he had violated the company's business and ethics codes.

The U.S. apparel company said it recently learned of unspecified allegations about Howard Smith's personal conduct. The board then launched an investigation, the company said in a statement published on its website.

“Because the investigation revealed conduct that violated our code of conduct and other policies, it was decided that Howard would resign,” Chairman Ralph Lauren and Chief Executive Officer Patrice Louvet said in the statement. “These issues do not concern the company's financials or performance.” The company declined any further comment.

Smith will step down immediately from his role, Ralph Lauren said. His resignation is effective April 2.

He's a 19-year veteran of the apparel company, according to his LinkedIn account. Before his role as chief commercial officer, he was responsible for Ralph Lauren's international division based in Geneva, Switzerland, and has also led the company's Asia business, among other positions. He didn't immediately respond to a request for comment.

“We are saddened by this situation and recognize that this news will come as a surprise,” Lauren and Louvet said in the statement. “Howard has contributed significantly to the evolution of our company for the past 20 years, and we are grateful for that.”

Smith's resignation is the second high-profile ouster in the U.S. retail industry this week. On Feb. 28, Estee Lauder Cos. said it terminated veteran executive John Demsey after he posted an image with a racial slur on social media. Before his exit, Demsey apologized for “carelessly reposting a racist meme without reading it beforehand.”