Ralph Lauren Steps Down as CEO, Hires Old Navy President as Replacement


After 48 years, Ralph Lauren has decided to step down as the CEO of his own eponymous label. The Global President of Old Navy, Stefan Larsson has been appointed to take over as the new CEO, as the company looks to improve its earnings. Though quarterly earnings topped analyst estimates, yearly revenue has plunged 5.3% as share prices have been slashed nearly in half. Lauren who will be turning 76 few weeks away from now, intends to stay onboard as the executive chairman and chief creative officer who Larsson will be reporting directly to.