Ralph Lauren CEO Stefan Larsson and Ralph Lauren himself are parting ways, citing irreconcilable differences.

The company announced Larsson will depart from his position on May 1 and a search for a new CEO will be underway. The company’s “Way Forward” turnaround plan will be led by CFO Jane Nielsen until Ralph Lauren determines Larsson’s successor.

“Stefan and I share a love and respect for the DNA of this great brand, and we both recognize the need to evolve. However, we have found that we have different views on how to evolve the creative and consumer-facing parts of the business,” COO and executive chairman Ralph Lauren said. “After many conversations with one another, and our Board of Directors, we have agreed to part ways.”

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