Ralph Lauren Steps Down As CEO

Ralph Lauren Corporation announced that Stefan Larsson has been named CEO, starting in November. The 75-year-old founder and face of the fashion mega-house, Ralph Lauren, will continue to "actively drive the company's vision," a company statement read.

Larsson most recently served as the global president of Old Navy, where the company saw three consecutive years of growth. Before that, he worked at Swedish retailer H&M for 15 years. During that time, the company expanded from 12 countries to 44 and added $14 billion in sales.

In the statement, Larsson expressed his excitement at taking over for the fashion mogul.

"I am thrilled to have the opportunity to work directly and collaboratively with a fashion giant like Ralph Lauren. His creativity and singular vision have made Ralph Lauren one of the world's most influential global brands, and I share his dreams for the future. I believe the company has tremendous potential to continue expanding in the global marketplace as it broadens its appeal to all consumers."

Lauren reciprocated the praise, saying he and Larsson shared a "strong personal bond."

"My job is to think always about the future of our company and how to move it forward. Stefan Larsson is exceptionally talented, and he will bring our company a fresh and exciting global perspective. Stefan and I have a strong personal bond and share a vision for the future of Ralph Lauren. I appreciate Stefan's unique sensibility, his honesty and his authenticity. We have had tremendous success expanding the Ralph Lauren brands around the world and creating a great management team. Now, all the pieces are in place to position our business for continued growth. We have been a leader in our industry for nearly 50 years, and this is just the beginning."

Last year, Ralph Lauren generated $7.5 billion in sales. It has also added three new brands in recent years: Polo for Women, Polo Sport and Denim and Supply.