(JNS.org) Jewish American fashion mogul Ralph Lauren announced his plan to step down as chief executive officer of the renowned fashion brand. The head of Gap Inc.’s Old Navy brand will take over the position.
The 75-year-old Lauren, who founded Ralph Lauren Corp. in 1967, will continue to serve as executive chairman and to lead the fashion house’s design team, according to a statement by the company.
After the announcement, Ralph Lauren shares rose 3.79 percent while Gap shares fell 3 percent.
Lauren's fashion empire includes 25 brands such as Polo, Club Monaco, Denim & Supply, and others.
Lauren’s replacement—global president of Gap's Old Navy division, Stefan Larsson—will be a good fit as CEO because “he understands global supply chains and that's one of the things that Ralph Lauren is trying to implement right now,” said Odeon Capital analyst Rick Snyder, according to Reuters.