Ralph Lauren stepping down as CEO

Ralph Lauren, the quintessential American designer who built a fashion empire based on sweeping fantasies of country-club prep and the Wild West, is stepping down from his post as chief executive of the company, the New York Times reports.

He will be succeeded by Stefan Larsson, a former H&M executive and president of Old Navy. Larsson is credited with reviving the Gap Inc.-owned Old Navy.

Lauren, 75, said he intends to stay active in the company he founded nearly 50 years ago. He said he would take on roles as executive chairman and chief creative officer.

The 41-year-old Larsson's appointment is effective in November.

Read more from the New York Times.