We never thought we would see the day!
The luxury apparel retailer Ralph Lauren Corp announced this evening that their founder, Ralph Lauren, will step down as chief executive officer. The former H&M executive and president of Old Navy (Gap’s down-market brand), Stefan Larsson, will be filling in the CEO position. Larsson is credited for his work on reviving Gap’s market.
This is scheduled to go into effect this November. Lauren will still play a role in the company as executive chairman and chief creative officer.
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[Photo: Splash News]