Ralph Lauren has stepped down as the CEO of his apparel and accessories firm and named Stefan Larsson, the head of Gap's Old Navy division, as his replacement.
Larsson will take up the position from November. However, the 78-year-old designer would continue to serve as the executive chairman and head its design team, The Mirror reports.
Lauren, who started out designing neckties, plans to stay active at the company and Larsson will report to him.
In an interview with a newspaper, Lauren said that when they (designers) start designing things he can't understand, he would quit.
Larsson has been the global head of sales at Hennes and Mauritz and brings experience of managing a fast fashion business.
