Ralph Lauren will soon cash in on $955 million in stock in his company. This will be the most money he's ever made at once from his empire. One can't blame the guy, because who wouldn't want an extra billion to kick around? Especially when you enjoy collecting fine cars and as many other fine things as that kind of money can buy you. And yet he still wears jeans — like a person of no notable wealth!
The news has renewed speculation about who will take over the company when the 70-year-old designer retires. After selling the shares, the Lauren family's stake in the company will only fall from 95.1 percent to 93.5 percent. But fashion companies notoriously like to pretend that no matter how far past the typical age of retirement their head designers get, they'll live and design forever. So the board hasn't said anything about what will happen when Lauren steps down. His 38-year-old son David Lauren, who oversees advertising for Lauren's Polo empire, has been touted as a possible replacement. President and chief operating officer Roger Farah, 56, reportedly won't renew his contract when it expires in 2013.
$1B stock payday [NYP]