Ralph Lauren steps down as CEO of firm he founded 50 years ago
By Kenneth Richard | Impressionist
Navigating one of fashion’s greatest succession plans, Ralph Lauren has announced that he is stepping down as CEO of Ralph Lauren Corporation. He will remain as Executive Chairman and Chief Creative Officer.
Stefan Larsson, previously Global President of Old Navy, a division of Gap Inc., will take over as Chief Executive Officer in November and will also join the Ralph Lauren Corporation board. Prior to Old Navy, Larsson spent 15 years at Swedish retailer Hennes & Mauritz (H&M). Larsson will report to Ralph Lauren.
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.
The move toward a fluid succession plan is seen by many industry experts as positive signs for the firm and Ralph Lauren stock surged 4.3% in after hours trading.