Ralph Lauren Steps Down as Ceo

Ralph Lauren Corp. (New York) has announced that, effective in November, founder Ralph Lauren will no longer be the company’s ceo. Stefan Larsson, currently the ceo of Old Navy (San Francsico), will be taking his place. According to The New York Times, Lauren intends to stay on at the company, simply not as the role of ceo.

In recent years, the company has experienced falling profits and sales, with net income dropping 10 percent in its latest fiscal year and shares dropping 44 percent. Larsson has formerly had success reviving and growing business at retailers including Old Navy and H&M (Stockholm), so it is expected that he will do the same as ceo of Ralph Lauren.