09/29/2015 04:44 EDT | Updated 09/29/2015 04:59 EDT

Ralph Lauren Steps Down, Appoints Stefan Larsson As New CEO Of Namesake Corporation

TREVOR COLLENS via Getty Images
Designer Ralph Lauren is applauded by the audience after his presentation at New York Fashion Week in New York on September 17, 2015. AFP PHOTO/TREVOR COLLENS (Photo credit should read TREVOR COLLENS/AFP/Getty Images)

Ralph Lauren has stepped down from his post as CEO of his namesake company.

The 74-year-old American designer and founder of Ralph Lauren Corp. has hired Stefan Larsson, the global president of Gap Inc.'s Old Navy division to take his place. Lauren will still remain at his company as executive chairman and chief creative officer.

In an interview with WWD, Ralph stressed the move does not indicate a step towards his own retirement.

"This is important to say: There is no toe in the water. I love what I’m doing, I love the company…I won’t be coming two days a week," he explained.

Lauren characterized his relationship with Larsson as a "partnership."

"When they start designing things I can’t understand, I’ll quit,” Ralph told the New York Times. "But I don't feel like I'm stepping back now."

Follow Huffington Post Canada Style on Pinterest, Facebook and Twitter!