Ralph Lauren is stepping down as CEO of his company

Ralph Lauren has stepped down from his position as CEO of his own company, The New York Times reports.

Lauren will not be entirely absent from his namesake company - he has no plans of leaving, either.

"When they start designing things I can't understand, I'll quit," Lauren said to The Times. "But I don't feel like I'm stepping back now."

Stefan Larsson, currently the global vice president of Old Navy, has the lofty task of filling Lauren's shoes. But Larsson is rather accomplished; he worked with Old Navy throughout its massive resurgence. He officially will leave his post at Old Navy this Friday, October 2, according to a release.

Additionally, Lauren told The Times that he plans to work together with Larsson, calling their working relationship "a partnership."

It's a win for Larsson, too. "One of the biggest reasons for me to join is the opportunity to work side by side with someone like Ralph," he said to The Times.

Business Insider has learned Larsson will be replaced by Jill Stanton, who is currently Old Navy's executive vice president of global product.