Ralph Lauren Explains His Decision To Appoint A New CEO

Photo: SIPA/WENN

Earlier this week, the fashion world stood still as it was announced that Ralph Lauren was “stepping down” from his 48-year CEO position. And while Lauren will continue to be the chief designer of his namesake label, Stefan Larsson – who’s seen success with fast-fashion brands Old Navy and H&M – will be his successor. Of course the news left most of us (Kanye West included!) in shock, with many simply wanting to know why.

Well now, thanks to a letter written by the designer himself, there’s some much-needed clarity to this situation. According to Buzzfeed, Ralph Lauren wrote a letter to his employees explaining why he decided to put in a new CEO and what the change means for his role.

“As the Company has grown globally, it has been clear to me that we needed to add strength. I have recognized great talent throughout my life and I have waited for the right moment to make someone CEO. My job is to think about the future and how to move forward, and I am confident that Stefan Larsson will be a wonderful business partner to help carry out this shared vision. As the largest shareholder, I will continue to nurture and grow this company.”

In addition to the bittersweet moment, Lauren also takes time to note that he’s not “stepping down” from his namesake label, regardless of what press has reported. “I am not stepping down or nor am I stepping back. I am stepping up.”

We couldn’t have said it any better.

Read the full memo below and check out some of our favorite looks from the brand’s most recent SS16 runway ahead.

Photo: Buzzfeed

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