First quarter sales fell 12.8% and net income fell to $16.3 million, or $0.34 per share. SVP of Finance and CFO Karen Rhoads will retire from her role and will continue to serve on the Board of Directors.
Timm is stepping down from his role as President and COO after working 20 years with the company. He played a substantial role in the company's growth from a multi-million dollar business to a billion dollar business.
Procter & Gamble executive Patrice Louvet has been named chief executive, more than three months after his predecessor left the firm, following differences with founder Ralph Lauren over the direction of the company.
The Italian eyewear brand, which saw its sales fall 30 percent in 2016, reinforces its leadership with three new appointments to key positions. The executives will support the new general director, Giovanni Carlino.