Ralph Lauren Steps Down from CEO of Namesake Company

Ralph Lauren, the fashion mastermind behind the Calvin Klein and Polo brands, will be ending his tenure as CEO of the company that bears his name.

Stefan Larsson, who is currently president of Old Navy, will assume the position vacated by Klein in November and try to lead the company into the future, according to a press release from the company. Before his role at Old Navy where he added $1 billion of sales to the brand and oversaw three years of profitability, Larsson worked as an executive at H&M for 15 years and was a key component of its growth from $3 billion in sales to $17 billion as it expanded from 12 to 44 countries.

While resigning as CEO, Lauren will still be heavily involved in his namesake company, working as executive chairman of the board and chief creative officer.

"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. Stefan and I have a strong personal bond and share a vision for the future of Ralph Lauren. I appreciate Stefan's unique sensibility, his honesty and his authenticity," Lauren said. "We have been a leader in our industry for nearly 50 years, and this is just the beginning."

"I am thrilled to have the opportunity to work directly and collaboratively with a fashion giant like Ralph Lauren. His creativity and singular vision have made Ralph Lauren one of the world's most influential global brands, and I share his dreams for the future," Larsson said. "I believe the company has tremendous potential to continue expanding in the global marketplace as it broadens its appeal to all consumers."