Founder Ralph Lauren quit the position as the CEO of the Ralph Lauren Corporation. He will be replaced by Stefan Larsson in November.

After five decades, the fashion industry veteran, Ralph Lauren steps down as the company's CEO. Mr. Lauren appoints Stefan Larsson to take over the position. All the same, the legendary designer will still lead Ralph Lauren Corporation as an executive chairman and chief creative officer, the Wall Street Journal reported.

Mr. Lauren will still work and will bring new skills to expand his business. "I'm excited about my business, and I'm not leaving. It's a public company, and we have a responsibility to have the right leadership," he said in the interview at his office.

The decision comes as he wants to restore the apparel's sales, which went down this year. In fact, its shares fell to about 44% on Tuesday losing around $5B of its market value. Following the news, it was revived by 4.7%.

Mr. Lauren said he's been thinking of restructuring the management for years. An executive recruiter introduced him to Mr. Larsson. The two met over a dinner at Sette Mezzo Italian restaurant in New York, the Washington Post gives details.

"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 in a statement from Business Wire.

Mr. Larsson was thrilled that he has given the opportunity to work directly and collaborate with the fashion giant. He said he's surprised by Mr. Lauren's focus on the growth of the business.

Being the global president of the Old Navy, he's done a great job reviving the sales of the apparel brand. But before his role in the Old Navy, he used to work at H&M for 15 years.

Subsequently, Jill Stanton, Old Navy's executive vice president of global product, will temporarily lead the brand. Stanton works closely with Larsson in the Old Navy.  She's been with the company for four years and has been a VP of global apparel for Nike.

Mr. Larsson will share his vision with Mr. Lauren in expanding the brand around the world. He will leave the Old Navy on October 2 and will join the board in November.