Iconic fashion designer Ralph Lauren has decided to step down as CEO of his company.

Stefan Larsson, global president of Old Navy, will take over as chief executive of Ralph Lauren Corporation — which last year generated sales of $7 billion, and includes brands like Polo Ralph Lauren, Ralph Lauren Collection, Black Label, Denim & Supply and Club Monaco.

In an interview with the New York Times, Lauren said he planned on staying active at the company in new roles as chief creative officer and executive chairman.

“When they start designing things I can’t understand, I’ll quit,” he said. “But I don’t feel like I’m stepping back now.”

The Company also announced that Jackwyn Nemerov, President and Chief Operating Officer, will retire in November.

Lauren said in a statement: “My job is to think always about the future of our company and how to move it forward…We have been a leader in our industry for 50 years, and this is just the beginning.”

In addition to his classic apparel (for men, women and children), home products, accessories and fragrances, Lauren is also responsible for creating memorable red carpet designs.

His soft pink taffeta gown for Gwyneth Paltrow at the 71st Academy Awards seemed to conjure Grace Kelly and bring the color back into fashion, and he’s recently made statements dressing Lupita Nyong’o for the Golden Globes, Emma Watson for the “Noah” premiere, Cate Blanchett at Royal Marsden, Naomi Watts and Sienna Miller at Cannes, Robin Wright at Emmys 2015 and Jessica Chastain at Wimbledon, where Ralph Lauren celebrated its tenth year as official outfitters of the championships.

Mandatory Credit: Photo by Dave Lewsi/REX Shutterstock (303005ao)
Gwyneth Paltrow
71st Annual Academy Awards , Los Angeles, America  - 1999