Ralph Lauren cedes CEO title to Old Navy's Larsson

      Larson and Lauren
Photo credit: Jason DeCrow, AP

Ralph Lauren is giving up his title of CEO to Old Navy's former global president, Stefan Larsson. Lauren will still play an active role in the company as executive chairman and chief creative officer, and Larsson will report to him.

"My job is to think always about the future of our company and how to move it forward," Lauren said. "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."

Under Larsson's leadership, Gap's Old Navy division achieved three consecutive years of profitable growth, adding $1 billion in sales. Prior to Old Navy, he worked at Swedish retailer H&M for 15 years, helping sales grow from $3 to $17 billion and expanding operations from 12 to 44 countries.

"I am thrilled to have the opportunity to work directly and collaboratively with a fashion giant like Ralph Lauren," Larsson said. "His creativity and singular vision have made Ralph Lauren one of the world's most influential global brands…"

Larsson's appointment will become effective in November and he will also become a member of the Ralph Lauren board. Press Release