Ralph Lauren announced Thursday that Christopher Peterson, the company’s president of global brands, will step down from his role in May. The position is being eliminated.

Peterson joined Ralph Lauren in 2012 and until April 2015, held the position of executive vice president, chief administrative officer and chief financial officer. He will work closely with Ralph Lauren President and CEO Stefan Larsson to transition his responsibilities. The company’s global brand presidents will now report directly to Larsson, streamlining the senior leadership structure.

In a statement, Larsson said, “I would like to thank Chris for his many valuable contributions to Ralph Lauren, especially during this time of transition. His dedication and loyalty are greatly appreciated. Under the new structure, I will work directly with the global brand presidents as we drive long-term growth and further strengthen this iconic brand.”

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