revolving doors

Ralph Lauren to Step Down As CEO

Ralph Lauren.
Ralph Lauren.

Ralph Lauren has announced that he’ll be leaving his role as CEO of the eponymous fashion house, WWD reports. He named Stefan Larsson, a veteran of Old Navy, as his successor. It will mark the first time in nearly half a century that a person other than Lauren will hold that position.

Since launching his first collection in 1967, Lauren led the company’s unprecedented growth, which included several brand offshoots, including a home division, athleticwear, and the luxury arm, Purple Label. (The corporation also acquired Club Monaco in 1999, though the partnership is a quiet one.)

The company has to change,” Lauren told The Wall Street Journal of his decision to step down. “It’s a public company and we have a responsibility to have the right leadership.” He emphasized that though he was leaving as CEO, he will remain heavily involved in the business, likening Larsson’s new involvement to “taking on a partner.”

Still, the move marks a radical shift for the company. Lauren plans to hand over the reins to Larsson in November.

Ralph Lauren to Step Down As CEO