Cramer Likes Ralph Lauren's 'Highly Respected' And 'Very Accomplished' New CEO

Ralph Lauren Corp RL's stock hit a new multi-year low of $71.51 on Wednesday and is now down nearly 20 percent since the start of 2017 — and perhaps even more concerning, down 55 percent over the past five years.

The company on Thursday is projected to report quarterly earnings at $0.78 per share on revenue of $1.56 billion.

Ralph Lauren's problems extend beyond the overall hurt felt by nearly all apparel makers and retailers. Behind the scenes, ex-CEO Stefan Larsson clashed with the company's namesake founder, Ralph Lauren. Prior reports suggested that Larsson, a former top executive at H&M and Old Navy, kicked off some of the strategies that were more appropriate for budget retailers and not for a high-end brand.

Larsson said in early February that he and the company decided to mutually part ways, and a replacement was announced Wednesday. Ralph Lauren named Patrice Louvet as CEO, effective on July 17.

Louvet, a native of France, most recently ran Procter & Gamble Co PG's global beauty business, which saw $11.5 billion in annual sales at its peak.

Cramer: 'Very Accomplished' CEO

Commenting on Ralph Lauren's new CEO, CNBC's Jim Cramer said during Wednesday's "Squawk on the Street" segment that Louvet is a "highly respected" and "very accomplished" executive who "really knows how to run an operation."

Cramer also believes that Louvet is the right executive for consumers to regain trust in the high-end brand. Perhaps more important, Louvet won't be "butting heads" with Lauren, who will continue playing a key role at the business.

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