Ralph Lauren To Hand Over CEO Role To Stefan Larsson, To Continue As Chairman

(RTTNews) - Apparel maker Ralph Lauren Corp (RL) on Tuesday said its eponymous founder will hand over the CEO role to Gap executive Stefan Larsson in November, and will retain the position of executive chairman and chief creative officer.

Larsson, who will also join will join the Ralph Lauren board, most recently served as the global president of Old Navy, a division of Gap Inc (GAP). Previously, Larrson was with Swedish retailer Hennes & Mauritz for 15 years.

Ralph Lauren said, "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."

The announcement comes as Ralph Lauren strives to boost growth. In August, Ralph Lauren reported a plunge in first-quarter profit, hurt by lower revenues and charges. The company reaffirmed its revenue growth forecast for 2016. As part of growth measures, Ralph Lauren has expanded its luxury business and added three new brands to its portfolio.

The company also announced that Jackwyn Nemerov, president and chief operating officer, will retire in November, at which time she will become an advisor to the company.

RL closed Tuesday at $104.05, down $0.83 or 0.79%, on the NYSE. In after hours, the stock gained $4.87 or 4.68%.