Ralph Lauren to step down as CEO, Stefan Larsson is named his successor
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 Tuesday 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 Larsson will report to Lauren who will continue to drive the company’s vision and strategy as executive chairman and chief creative officer.
As global president of Old Navy for three years, Larsson has remade the business to be a bright spot in Gap’s portfolio. Prior to his tenure at Old Navy, Larsson was part of an executive team at Swedish cheap chic fashion chain H&M for 15 years that increased annual revenue from US$3 billion to US$17 billion. During that time, H&M’s operations grew to 44 countries from 12.