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 announced that Stefan Larsson who has been the global president of Gap‘s low-price Old Navy chain for three years, will succeed him. The change will be effective in November, and Mr Larsson will report to Mr Lauren, who will continue to drive the company’s vision and strategy as executive chairman and chief creative officer.
Prior to his tenure at Old Navy, Mr Larsson was part of an executive team at Swedish cheap chic fashion chain H&M for 15 years that increased annual revenue from $3bn to $17bn. During that time, H&M’s operations grew to 44 countries from 12.
«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.» Mr. Lauren’s son, David, who is an executive vice president and was considered by some investors as a potential CEO successor, said in a news release: “I’m excited to welcome Stefan to our team and I look forward to working closely with him», according to WSJ.
Ralph Lauren also announced that Jackwyn Nemerov, president and chief operating officer, will retire in November, at which time she will become an adviser to the company. In addition to his casual apparel, Lauren is also responsible for memorable red carpet designs at the Oscars, including Gwyneth Paltrow’s pink dress at the 71st Academy Awards.
(Featured Image: Lauren greets the crowd after presenting his Spring/Summer 2016 collection during New York Fashion Week in New York, September 17. Photo: Lucas Jackson-Reuters)
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