Ralph Lauren (RL) Founder Stepping Down as CEO

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Ralph Lauren, the CEO and founder of Ralph Lauren (RL), is stepping down from his role as CEO.

ralph-lauren-rlRalph Lauren will remain the executive chairman and chief creative officer of his company, but the new CEO will be Gap’s (GPS) Old Navy president Stefan Larsson. Larsson will take over as CEO of RL in November after he leaves Old Navy in October, reports The Wall Street Journal.

Ralph Lauren met Stefan Larsson while having dinner in New York. Larsson said that they got along really well during this meeting. His history includes 15 years with fashion retailer H&M and his time as Old Navy’s president, which started back in 2012, WSJ notes.

Ralph Lauren will likely benefit from having Stefan Larsson as its new CEO. His time with Old Navy helped turn the company around and made it a big contributor to Gap’s revenue last year. BMO Capital Markets analyst John Morris said that Larsson’s departure from Old navy is “a loss for Gap,” reports The New York Times.

RL shares were up 12% and GPS shares were down 6% as of Wednesday afternoon.

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Article printed from InvestorPlace Media, https://investorplace.com/2015/09/ralph-lauren-rl/.

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