RALPH LAUREN TO STEP DOWN FROM POSITION AS CEO

Fashion icon Ralph Lauren will be resigning his position as chief executive officer of his company this fall, the company announced Tuesday 29th September.

The 75-year-old designer will remain with the company he founded as executive chairman and chief creative officer. Former H&M executive and global president of Old Navy Stefan Larsson will take over as CEO and join the company's board in November. Larsson is credited with Old Navy's resurgence.