Founder and CEO Ralph Lauren is stepping down as CEO of the iconic fashion brand of the same name, according to Reuters. In his place, Stefan Larsson will take over as chief executive in November.
Larson is currently the global president of Old Navy at Gap Inc., according to Reuters.
The announcement was made by the company Tuesday, but just because Lauren is stepping down as CEO, it doesn't mean he's out of the game. Larsson will continue to pursue the company's traditions and vision. He will also be reporting to Lauren as he remains executive chairman and chief creative officer, according to the Guardian.
Before becoming global president of Old Navy, Larsson worked on the executive team for H&M. In both companies, he played a vital role in their social and economic growth, according to the Guardian.
In this past year, revenue for the iconic fashion company dropped 5.3 percent, the share price also fell 44 percent, according to Time. While stepping down will give the 75-year-old founder more down time, it also allows for a freshness to be brought to the company.
Lauren gave this statement upon releasing the news: "My job is to think always about the future of our company and how to move it forward. Stefan Larsson is exceptionally talented, and he will bring our company a fresh and exciting global perspective."
