RALPH LAUREN STEPS DOWN AS CEO

Ralph Lauren Corporation has announced that Stefan Larsson has been named chief executive officer 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. Under his leadership, Old Navy saw three consecutive years of profitable growth, adding $1 billion in sales. Previously, in 15 years at Swedish retailer Hennes & Mauritz (H&M), Larsson was part of the team that grew sales from $3 billion to $17 billion and expanded the company’s operations from 12 to 44 countries.

Ralph Lauren said in a statement, “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.”

David Lauren, a Ralph Lauren Board Member and Executive Vice President, added, “I’m excited to welcome Stefan to our team and I look forward to working closely with him. His commitment and passion to build great brands will be invaluable as we move into the future.”