Ralph Lauren, the founder and largest shareholder of his namesake company, stepped down from his role as CEO Tuesday, but he wanted to assure employees that the move doesn’t mean he’s going to take any less of a day-to-day role at the fashion retailer.
“I will continue to lead it today as I have for almost 50 years,” wrote Lauren in an employee-wide email that was shared with Fortune. “I am not stepping down, nor am I stepping back. I am stepping up.”
Stefan Larsson, the former global president of Gap’s Old Navy who effectively turned the low-budget brand around, will become the company’s new CEO. The move was well-received by investors, who sent Ralph Lauren’s stock price up 13.6% by the end of Wednesday. The gains are a welcome relief after Ralph Lauren shares lost more than 40% of their value this year through yesterday.
The full memo, which was first reported by Buzzfeed, is below.