Ralph Lauren to step down as CEO, names successor

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

Ralph Lauren in his office. Photo by Edgar de Evia.

NEW YORK — Ralph Lauren is stepping down as CEO of the fashion and home decor empire that he founded nearly 50 years ago.

The New York-based company is announcing Tuesday that Stefan Larsson, the global president of Gap’s low-priced chain Old Navy, will succeed him. The change will be effective in November.

Larsson will report to Lauren who will continue to drive the company’s vision and strategy as executive chairman and chief creative officer.

Prior to his three-year tenure at Old Navy, Larsson served as an executive at Swedish cheap chic fashion chain H&M.

The news comes as Ralph Lauren Corp., which generated sales of $7.5 billion in the latest fiscal year March 28, has been expanding its luxury business while beefing up its online presence.

Notice: you are using an outdated browser. Microsoft does not recommend using IE as your default browser. Some features on this website, like video and images, might not work properly. For the best experience, please upgrade your browser.