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All ‘Lo heads must take a moment of silence. Ralph Lauren announced that he is stepping down as CEO of the eponymous company he founded.

According to the Wall Street Journal, Lauren will continue to serve as the executive chairman  and chief creative officer of Ralph Lauren Corp.

However, Lauren has appointed Stefan Larsson, the president of Old Navy (which is owned by The Gap), to become the company he founded’s new CEO.

It’ll still be Ralph, though.

“I’m excited about my business, and I’m not leaving,” Lauren told the Wall Street Journal. “It’s a public company, and we have a responsibility to have the right leadership.”

News of Larsson’s appointment has been well-received in the fashion industry.

Photo: Twitter/@ralphlauren