Ralph Lauren steps down as CEO of company

Posted at 4:18 PM, Sep 29, 2015
and last updated 2015-09-29 17:18:40-04

After almost 50 years of fashion, Ralph Lauren is stepping down as the CEO of his iconic fashion and home décor empire.

NBC Nightly reported Tuesday that Lauren will be succeeded by Stefan Larsson, who has been the global president of Gap’s low-price Old Navy chain for three years.

"My job is to think always about the future of our company and how to move it forward," Ralph Lauren said in a statement. "Stefan Larsson is exceptionally talented, and he will bring our company a fresh and exciting global perspective."

Lauren’s announcement will be effective in November. Larsson will report to Lauren who will continue to be the executive chairman and chief creative officer.