Ralph Lauren Corp., a fashion powerhouse built by American designer Ralph Lauren, has appointed a new chief executive officer as Lauren decided to relinquish his title. While the 75-year-old is handing over the CEO reins, he will still retain the post of executive chairman and chief creative director of the multi-brand company, maintaining complete creative control of the brand.

Ralph Lauren has chosen his successor as the CEO of his fashion and home décor empire he founded almost five decades ago. On Tuesday, Ralph Lauren Corp. announced that Lauren is handing over his responsibilities to Stefan Larsson, the global president of Gap's flourishing low-price Old Navy chain, Edmonton Journal reported.

Despite giving up the CEO reins to 41-year-old Larsson, who has been Old Navy's global president for three years who made the business a thriving asset in Gap's portfolio, Lauren stressed that the transition doesn't mean he's slowing down. Instead, he's seeing Larsson as an "interesting addition" that can be driving force for future sales growth.

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

Leaving behind the office as Old Navy's global president, Larsson is well-equipped for his new role at Ralph Lauren Corp. According to Reuters, he's credited for reviving the Old Navy brand, having added $1 billion in sales to the company in just three years. Prior to his Old Navy tenure, Larsson spent 15 years working with global powerhouse H&M as part of its executive team. During that time, H&M increased its annual revenue to $17 billion from $3 billion and operations grew to 44 countries from 12.

"What attracted me to take on this role was Ralph himself and his vision," Larsson said in an interview. "So my job is to work side by side with Ralph, refine it and grow the company into the future."

Ralph Lauren Corp.'s management transition came amid the several other shakeups in the fashion industry, including Donna Karan's retirement as chief designer of her eponymous line and Alexander Wang's departure from Balenciaga.

Larsson will take over as chief executive of the Ralph Lauren Corp. in November and will also join the company's board, Sydney Morning Herald has learned.