Stefan Larsson, formerly of Old Navy, will take the helm

Ralph Lauren has stepped down as CEO of the eponymous company he founded in 1967. He will stay on as executive chairman and chief creative officer.

Stefan Larsson has been named CEO, reporting to Lauren. He was most recently the global president of budget retailer Old Navy and spent 15 years at Hennes & Mauritz, the Swedish retailer popularly known as H&M.

“My job is to think always about the future of our company and how to move it forward,” said Lauren. “Stefan Larsson is exceptionally talented, and he will bring our company a fresh and exciting global perspective. We have been a leader in our industry for nearly 50 years, and this is just the beginning.”

 “I am thrilled to have the opportunity to work directly and collaboratively with a fashion giant like Ralph Lauren,” said Larsson. “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.”

The company also announced that Jackwyn Nemerov, president and chief operation officer, will retire in November. 

JCK