Ralph Lauren Hands CEO Role Of His Company To Former Old Navy President--report

Ralph Lauren is handing over the role of chief executive officer of his namesake company to Stefan Larsson, who just stepped down as the president of Gap Inc.'s Old Navy business, according to a report in The Wall Street Journal. Lauren, who will turn 76 next month, had been CEO of Ralph Lauren Corp. since it he founded the luxury brand company 48 years ago. He will retain his roles of executive chairman and chief creative officer, the WSJ report said. Meanwhile, Gap named Jill Stanton, currently the executive vice president of global product at Old Navy, as interim president while the company searches for permanent replacement. Ralph Lauren's stock surged 4.3% in after-hours trade, while Gap shares slid 2.4%. Over the past three months, shares of Ralph Lauren have dropped 22% and Gap have slid 21%, while the S&P 500 has lost 8.4%.