Ralph Lauren, creator of the Polo brand and an iconic figure in the US fashion industry, will step aside as chief executive of his namesake company, the company announced Tuesday, according to AFP.
Lauren, 75, in November will hand over the top executive post to Stefan Larsson, global president of the Old Navy brand for Gap. Lauren will continue to serve as executive chairman and chief creative officer.
"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," Lauren said. "We have been a leader in our industry for nearly 50 years, and this is just the beginning."