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Ralph Lauren, Stefan Larrson

Ralph Lauren

Ralph Lauren is handing over the reigns as CEO of his namesake company.

But, Mr. Lauren isn't exactly exiting the picture entirely. The 75-year-old may be relinquishing his title of CEO, but he will still retain the post of executive chairman and chief creative director of the multi-brand company. Meaning that while Lauren technically won't be the chief executive any longer, he'll retain complete creative control of the brand. His successor, Stefan Larsson, will report directly to Lauren—so yes, he's basically still head honcho.

"My job is to think always about the future of our company and how to move it forward. Stefan Larsson is exceptionally talented, and he will bring our company a fresh and exciting global perspective," Lauren said. "Stefan and I have a strong personal bond and share a vision for the future of Ralph Lauren."

Leaving behind a post as Old Navy's global president, Larsson is well-equipped for his new role at Ralph Lauren. He's credited with reviving the Old Navy brand, having added $1 billion in sales to the company in just three years. Prior to that, Larsson spent 15 years working with global powerhouse H&M.

This major designer role-reversal comes on the heels of several other shakeups in the fashion industry, which include Donna Karan stepping down as chief designer of her eponymous line and Alexander Wang bidding farewell to Balenciaga.

'We have had tremendous success expanding Ralph Lauren brands around the world and creating a great management team," Lauren said of his 13-brand company. "Now, all the pieces are in place to position our business for continued growth. We have been a leader in our industry for nearly 50 years, and this is just the beginning."

Larsson will assume his new role as CEO this November.