This past Wednesday, it was announced that Ralph Lauren would be stepping down as CEO of the namesake company he founded. But what does this really mean both for the company and for Lauren?

BuzzFeed obtained a letter Lauren sent to his employees, wherein the American designer addresses what the news really means. 

"The Ralph Lauren Corporation is the company I founded, nurtured and love," Lauren wrote. "I am not stepping down, nor am I stepping back. I am stepping up."

He continued: "My job is to think about the future and how to move forward, and I am confident that Stefan Larsson will be a wonderful business partner to help carry out this shared vision. As the largest shareholder, I will continue to nurture and grow this company."

Although Lauren will no longer be the CEO of Ralph Lauren, it was pointed out that he will "continue to actively drive the company’s vision and strategy" as executive chairman and chief creative officer, according to a statement.

Stefan Larsson, formerly of H&M and global president of Old Navy, will take over as CEO for Lauren. But you probably shouldn't count Lauren out completely.