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CEO Resigns With No Job, Escorted Out By Security
19 Oct
Summary
- Grossman resigned without a safety net, leaving a thriving role.
- She turned Chaps Ralph Lauren from a $20M loss to $200M profit.
- Ralph Lauren offered her a new role after her unexpected departure.
Mindy Grossman shared the story of her dramatic resignation from a high-profile executive role, a decision made without any immediate safety net. Initially working for Tommy Hilfiger, Grossman was recruited to lead Chaps Ralph Lauren. She recognized a unique opportunity as no woman had previously led a menswear company and was confident in her ability to revitalize the business.
Upon taking the helm, Grossman inherited a division with approximately $20 million in losses. In just three years, she successfully turned the company around, achieving $200 million in revenue and significant EBITDA. Her success led to expanded responsibilities, overseeing Ralph Lauren's entire menswear portfolio.
However, after her contract concluded, Grossman chose to resign, citing a misalignment of company values with her own. She was escorted out by security after informing her superior of her decision. Remarkably, Ralph Lauren's partner, Peter Strom, soon contacted her, expressing devastation at her departure but offering her the position of head of new business development for Ralph Lauren, leading her to later initiate the Polar Jeans company startup.
