Update Since it was founded in 1967 out of a desk drawer, Ralph Lauren has served as the designer and CEO of his namesake label. Though it was his brother Jerry's idea to change their name from Lifshitz, the name "Ralph" has resonated across generations, fashion senses, and countries as the utmost in excellence when it comes to men's fashion. Today, in what the the company is terming "an executive shuffle," Ralph Lauren announced that he is vacating the role of CEO. According to the New York Times, Ralph says he wants to remain active at the company he founded in new roles as executive chairman and chief creative officer. His replacement? Stefan Larsson, Global President of rising giant retailer Old Navy, whose turnaround we reported earlier this year. Larsson, the Times reports, will report to Mr. Lauren, though Ralph noted their relationship as a “partnership.” The reasons for Ralph's sudden departure are unknown, but one thing is certain: As long as his name is on the tag, his legacy will never be forgotten.