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.
"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."