Ralph Lauren Steps Down As CEO

Ralph Lauren

After 48 years, Ralph Lauren has stepped down as the CEO Of the company that bears his name.

Lauren, who will turn 76 this month, has led the American fashion brand for nearly five decades.

The company announced that Stefan Larsson, who was most recently global president of Gap's Old Navy division, will replace him as CEO in November.

According to reports, Larsson will report to Lauren, who will have a seat on the board of directors. However, Lauren "will continue to actively drive the company's vision and strategy as Executive Chairman and Chief Creative Officer."

In an interview with the New York Times, Lauren said his relationship with the new CEO will be a "partnership."

"When they start designing things I can't understand, I'll quit," Lauren told the paper.