Ralph Lauren Stepping Down as CEO, Turns Job Over to Old Navy's Stefan Larsson

The executive who was a key architect of Old Navy’s recent hot streak is leaving the company to take the helm of another apparel industry heavyweight. Stefan Larsson, Old Navy’s global brand president since 2012, has been named chief executive of Ralph Lauren, that company said Tuesday. The company’s iconic designer-founder, Ralph Lauren, remains on board as executive chairman and chief creative officer, meaning he’ll still play an influential role in shaping the aesthetic and vision of the brand, which pulled down $7.5 billion in sales last year.