(JTA) — Ralph Lauren will step down as CEO of the corporation that bears his name.

Lauren, 76, on Wednesday tapped Stefan Larsson, the president of Gap’s Old Navy branch, to succeed him in the post at Ralph Lauren Corp., but said he will remain as executive chairman and chief creative officer.

Born Ralph Lifshitz, Lauren is the son of Jewish immigrant parents from Belarus. He grew up in the Bronx borough of New York City.

He founded the company in 1967, beginning with a line of Polo neckties. The company now includes men’s, women’s and children’s clothing, as well as home furnishings.

Lauren holds more than 81 percent of its common stock.

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