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

Ralph Lauren Corp, founded by 75-year-old Lauren in 1967, appointed Stefan Larsson, the global president of Gap’s Old Navy division, as CEO effective in November.

Lauren will continue to serve as executive chairman and head its design team, the company said in a statement. Lauren, who got his start designing neckties, plans to stay active at the company and Larsson will report to him.