Ralph Lauren (RL) Stock Gains After Lauren Steps Down, New CEO Named, Jim …

Reuters. Designer Ralph Lauren, who built a fashion powerhouse on luxury designs inspired by country club chic, announced Tuesday he is stepping down as chief executive officer and named the head of Gap Inc.'s populist Old Navy brand to the position.

NEW YORK (TheStreet) — Ralph Lauren Corp. (RL – Get Report) stock is advancing by 12.55% to $117.11 in mid-morning trading on Wednesday, after the company appointed Gap (GPS) executive Stefan Larson as CEO to replace founder Ralph Lauren.

At first, the ascension of Stefan Larsson to chief executive of Ralph Lauren's fashion house might seem an odd fit. Mr. Larsson is widely credited with vastly expanding H&M's cheap chic fashion business and then rescuing Old Navy, transforming the

After 48 years, Ralph Lauren is stepping down as CEO of his namesake company.

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