Ralph Lauren says goodbye and retires from daily business by stepping down as CEO of the homonymous lifestyle brand. His successor is Stefan Larsson. His appointment as new Chief Executive Officer will become effective in November.

Larsson will report to Ralph Lauren, who will continue to actively drive the company’s vision and strategy as Executive Chairman and Chief Creative Officer. Stefan Larsson most recently served as the Global President of Old Navy, a division of Gap Inc. Previously he had worked for Hennes & Mauritz (H&M).

Ralph Lauren said: “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.”