Ralph Lauren steps down as CEO, names Stefan Larsson as replacement

Iconic American designer Ralph Lauren has just announced that he will step down from his post as chief executive officer of the fashion empire he built 50 years ago. Stefan Larsson, who has been global president of Old Navy for three years, will take his place. Lauren will remain chief creative officer and executive chairman driving the vision and strategy of the New York-based company while Larsson steps into the CEO position.

This move does not, however, indicate Lauren's retirement. The designer told Women's Wear Daily "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."

As for his successor, Larsson has over the last three years been able to help the business of Gap's lower-price chain Old Navy to a strong turnaround. Prior to Old Navy, he spent 15 years with H&M during the time that the company's annual revenue exploded from $3 billion to $17 billion. He certainly has a track record for success.

"My job is to think always about the future of our company and how to move it forward," Lauren said in a statement Tuesday. "Stefan Larsson is exceptionally talented, and he will bring our company a fresh and exciting global perspective."

Click through below to see Ralph Lauren's most recent collection debuted during New York Fashion Week: