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Ralph Lauren to step down as CEO, Old Navy president named successor

Designer Ralph Lauren attends a ceremony at the Smithsonian's National Museum of American History in Washington, Tuesday, June 17, 2014. (AP Photo/Susan Walsh)

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.

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