After nearly 50 years in the company, Ralph Lauren resigned his position as CEO of the Ralph Lauren Corporation Tuesday afternoon.

Lauren announced that he will leave in November and will be succeeded by Stefan Larsson, a former H&M executive and the current president of clothing chain Old Navy.

Larsson will report to Lauren, who will continue to drive the company’s vision and strategy. Together the duo hopes to look for growth opportunities, specifically in the e-commerce department. Although Lauren will no longer be CEO, he plans to continue being involved and active with his brand as the chairman and chief officer. His resignation from the company follows a revenue drop.

Known for its polo emblem, Lauren originally began his company as a necktie company. The company has since evolved into a lifestyle brand over the past five decades, housing product categories in home goods, fragrance, accessories, children’s and more. Known for his functionality of garments, Lauren has also mastered the art behind effective branding and marketing.

Lauren popularized both a Western cowboy aesthetic and the preppy country club look, having a consistent brand image throughout his years in the company. Additionally, Lauren has been credited for his numerous awards he’s received and philanthropic endeavors.