Ralph Lauren CEO Stefan Larsson is to step down after less than two years in the post.

Stefan Larsson, a former head of Gap’s Old Navy division, was appointed chief executive of the luxury fashion company in late 2015.

He will leave on May 1st with a $10 million pay settlement after disagreements with founder and chairman Ralph Lauren over the direction of the brand.

Image source Flickr

Ralph Lauren headed the company for nearly 50 years before being succeeded by Stefan Larsson.

The company said a search was being conducted for a new chief executive.

Ralph Lauren said: “Stefan and I share a love and respect for the DNA of this great brand.

“However, we have found that we have different views on how to evolve the creative and consumer-facing parts of the business.”

Ralph Lauren also reported a 12% fall in Q4 revenue to $1.71 billion, after a slump in wholesale shipments to customers.