NEW YORK -- 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.
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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.
AP
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)