Ralph Lauren is stepping down as the CEO of his fashion empire.
The 75-year-old designer will be replaced by Stefan Larsson, the current president of Old Navy and a former H&M executive.
Ralph will still have a role in the company as executive chairman and chief creative officer.
“When they start designing things I can’t understand, I’ll quit,” he told the New York Times. “But I don’t feel like I’m stepping back now.”
“One of the biggest reasons for me to join is the opportunity to work side by side with someone like Ralph,” Stefan said. He will begin his role as CEO in November.