Ralph Lauren is stepping down as CEO of the fashion empire that he founded nearly 50 years ago.

Yahoo reports Lauren will be handing over the CEO position to Stefan Larsson as his successor. Larsson, who spent the last three years as the global president of Old Navy, will take over for Lauren in November. However, Lauren announced that he will still remain active in the company.

In a press release statement, Lauren explained his decision to step down:

"My job is to think always about the future of our company and how to move it forward. Stefan Larsson is exceptionally talented, and he will bring our company a fresh and exciting global perspective. Stefan and I have a strong personal bond and share a vision for the future of Ralph Lauren. I appreciate Stefan's unique sensibility, his honesty and his authenticity. We have had tremendous success expanding the Ralph Lauren brands around the world and creating a great management team. Now, all the pieces are in place to position our business for continued growth. We have been a leader in our industry for nearly 50 years, and this is just the beginning."

Larsson also issued a statement saying how excited he is to be taking over for Lauren.

"I am thrilled to have the opportunity to work directly and collaboratively with a fashion giant like Ralph Lauren. His creativity and singular vision have made Ralph Lauren one of the world's most influential global brands, and I share his dreams for the future. I believe the company has tremendous potential to continue expanding in the global marketplace as it broadens its appeal to all consumers," Larsson stated.

The company also announced that Jackwyn Nemerov, who has served as the president and chief operating officer of Ralph Lauren, will retire in November. Like Lauren, she will stay on as an adviser to the company.

The New York Times reports that Lauren is stepping down from his position because of financial woes. The company has been pressured by the strong dollar and intense competition for the last couple of years.

The leadership change is one of a number of recent moves the company has made in the face of difficult financial circumstances. To boost sales, three new brands have been added in the last two years: Polo for Women, Polo Sport, and Denim and Supply. The company is also trying to promote its online presence.

Though not directly responsible for Lauren's exit, the fashion mogul has seen his share of controversies over the years. A few years ago, Lauren was reportedly on record saying that he didn't intend his clothes to be worn by African-Americans.

Lauren founded his fashion empire in 1967. Today, the company is worth over $7.8 billion.