Who needs retirement Ralph Lauren is still going strong at 72 as he signs on for five more years as company head
20:28 GMT, 5 July 2012
Ralph Lauren has signed on to remain as chief of his company, Ralph Lauren Corp, for another five years.
The contract guarantees his position as founder, chairman and chief executive office of the company that the designer, now 72, established in 1967.
Having described his resort collection this year as 'happy and strong', the designer must no doubt be feeling similarly re-energised by the recent transaction.
Still going strong: Ralph Lauren, 72, has singed a new contract at his company that keeps him at the helm for another five years
As a result of the new signing Lauren's salary will increase 40per cent and though reduced from last year, he will still be awarded millions of dollars in either target or maximum bonuses.
WWD reported that his salary will inch towards the $2million mark with an increase from last year's $1.25million to a comfortable $1.75million.
slowing down in his professional pursuits.
His target and maximum cash bonuses have been reduced to $9 million and $13.5 million, respectively, from their previous levels of $13 million and $19.5 million.
But the majority of his overall compensation will be equity-based and illustrated by stock awards rather than cash earnings.
Return: Lauren's resort collection this year was his first pre-collection in years and was inspired by the sombre mood in Europe due to the economic tension
2012 has been a busy year for the septuagenarian who shows no signs of
Returning to the pre-collection schedule for the first time in years and spurred on by the sombre mood in Europe, Lauren debuted a bold, vibrant line of signature neutrals peppered with magenta, yellow and chartreuse statement pieces.
Most recently the designer has been making headlines with his Olympic team outfits for America's top athletes heading to London this summer for the Games.
The choice for Lauren to dress the team confirmed the Polo Ralph Lauren once more as leader of chic sporting attire, with its trademark polo player and pony motif emblazoned across the shirts.
In May, CFDA president, Diane von Furstenberg, described Lauren's presence at the awards selection process meetings, as that of an 'emperor'.
This latest administrative development for the Ralph Lauren Corp. will means that Lauren will remain 'emperor' of his own brand until 2017.