It’s a sad day for Lo-heads everywhere: Ralph Lauren is stepping down as the CEO of his own eponymous label. Stefan Larsson — a former H&M executive and the man largely responsible for the revival of Gap subsidiary Old Navy — is set to take over the reigns as the company looks to improve its earnings. Though quarterly earnings topped analyst estimates, yearly revenue has dipped 5.3% as share prices have been slashed nearly in half. The 75-year-old Lauren intends to stay onboard in roles as executive chairman and chief creative officer with Larsson reporting directly to him.
“When they start designing things I can’t understand, I’ll quit,” said Lauren. “But I don’t feel like I’m stepping back now.”