Ralph Lauren Stepping Down as CEO

Ralph Lauren

CBJ — American luxury fashion designer Ralph Lauren is stepping down as chief executive officer of his company and has the head of Gap Inc.’s populist Old Navy brand to the position.

Ralph Lauren Corp., founded by 75-year-old Lauren in 1967, appointed Stefan Larsson, the global president of Gap’s Old Navy division, as CEO effective at the start of November. Lauren will continue to serve as executive chairman and head its design team.

Lauren, who got his start designing neckties, plans to stay active at the company and Larsson will report to him.

The company has been struggling to boost profits as a stronger dollar reduces the value of sales from overseas. Net revenue in its first quarter ended June 27 fell 5%, mainly due to currency fluctuations.