Roger Farah's new contract with Ralph Lauren Corporation will see the executive devote just half of his working time to the company, it has emerged.

An SEC filing said Farah, who is being reassigned from president and COO into a more strategic role of executive vice chairman, "will only be required to devote approximately 50% of his working time and efforts to the business and affairs of the company."

Freeing him from day-to-day management, he will instead engage in strategic projects and business development, as well as advising the chairman and mentoring and counselling the management team.

As reported on just-style yesterday (19 September), Farah takes up the new post on 1 November, with Jackwyn Nemerov, currently executive vice president, taking over as president and COO.

"Shepherding the growth and development of Ralph Lauren has been an incredible professional accomplishment, and I am very excited about the opportunities that lie ahead," Farah said.

"We have made tremendous progress in recent years by expanding into new markets, growing our global luxury presence, improving our direct-to-consumer reach and innovating in new product categories, but there is more to do.

"This is the optimal structure to take the company through the next phase of growth and to support the continued global expansion of the business."

Farah joined Ralph Lauren from Venator Group in 2000, where he served as chairman and CEO, and was previously president and COO of Macy's Inc and chairman and CEO of Federated Merchandising Services and Rich's Department Stores, respectively.

The reshuffle comes after the US luxury apparel and accessories company reported a 6.2% drop in first-quarter profit to $181m, weighed down by stagnant sales growth and investments in international expansion.