It’s no longer a good fit. After nearly 50 years atop one of the most powerful forces in fashion, Lauren’s stepping down and transferring power to Stefan Larsson, who has successful runs at Old Navy and H&M under his belt. Larsson will be looking to knock our socks off with a global push and his trademark mass marketing. But the 75-year-old outgoing CEO isn’t hanging up his hat. He says he’ll continue to “actively drive the company’s vision” in his new roles as executive chairman and chief creative officer.