Designer-Ralph-Lauren

The resignation of Ralph Lauren from CEO, after almost half a century, was announced by the fashion house.

Stefan Larsson-a former H&M executive and the man largely responsible for the revival of GAP subsidiary Old Navy-takes,now, over the reigns, expecting to improve the company’s earnings. Though quarterly earnings topped analyst estimates, yearly revenue has dipped 5.3% as share prices have been slashed nearly in half, making a big change necessary for the fashion house.

“My role is to think about this company’s future and how to promote it” explained 75-year-old Lauren, who intends to stay onboard in roles as executive chairman and chief creative officer.