Ralph Lauren Resigns as CEO of Namesake Company After 48 Years

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Ralph Lauren will resign from his position as CEO of his namesake clothing company. Above, Lauren greets the crowd after presenting his Spring/Summer 2016 collection during New York Fashion Week in New York, September 17. Lucas Jackson/Reuters

Ralph Lauren resigned as CEO of Ralph Lauren Corp. on Tuesday afternoon after a 48 year run in the position. Lauren will pass the torch to Stefan Larsson, who previously ran Old Navy.

The 76-year-old fashion mogul started Ralph Lauren as a necktie company and expanded it to a lifestyle brand over the last five decades. The company is best known for its men's polo shirts, suiting and cashmere sweaters.

"The company has to change. It's a public company and we have a responsibility to have the right leadership," Lauren told the Wall Street Journal. The paper notes Ralph Lauren, the brand, has had a difficult year, falling 44 percent since January.

Though Lauren will no longer be CEO, he will continue to be involved with his namesake brand as the chairman and chief creative officer.

Ralph Lauren Resigns as CEO of Namesake Company After 48 Years | Business