CEO at Ralph Lauren Corp. Stefan Larsson is leaving the company. Stefan joined the company less than two years ago in hopes of revitalizing the iconic brand.

Lauren and Larsson did not agree on how to best turn things around for the company. During a conference call Thursday with investors, Larsson said that the differences came down to different views on how to create the shopping experiences. "We didn't, and that's what led to this mutual decision," said Larsson. Decision to part is mutual. Larsson — who also serves as president — will remain with the New York company until May.

The company's chief financial officer, Jane Nielsen, will lead the company's plan to turn around its business while a new replacement is found.

"Stefan and I share a love and respect for the DNA of this great brand, and we both recognize the need to evolve," said Lauren, executive chairman and chief creative officer, in a statement. "However, we have found that we have different views on how to evolve the creative and consumer-facing parts of the business."

Ralph Lauren shares, which have fallen more than 20 percent in the past year, dropped more than 11 percent Thursday.

"This sudden departure gives the impression of a brand in crisis, and we believe it signals significant internal wrangling over the future direction of the firm," said Neil Saunders, managing director of GlobalData Retail. "It also demonstrates the founder's continued dominance over the business. As much as Ralph Lauren should be respected for his significant achievements and his undeniable design talent, we are concerned by the orthodoxy of his leadership, under which questioning and fresh thinking are relatively rare. This, in our view, is not the way to reinvent a brand that has clearly lost its way."

Shares dropped $10.01 to $77.36 in midday trading.