Ralph Lauren is stepping down from his post as the CEO of his eponymous company, The New York Times reports. The 75-year-old, who founded the Ralph Lauren Corporation in 1967, will remain on board as executive chairman and chief creative officer.
Replacing Lauren is Stefan Larsson, a former H&M executive and the current president of Old Navy, which he is credited with reviving. Since the Swede took over in 2012, Old Navy has been the strongest component of Gap’s portfolio.
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Larsson will officially assume his post as CEO in November, and will also join the company’s board. He will report directly to Lauren.
Lauren’s company, which is known for its traditional, country club–inspired attire, has made waves recently for branching out into the wearable tech division with innovative designs for his Polo Ralph Lauren brand.
