Wall Street on Wednesday cheered the move by Ralph Lauren Corp. to bring in a 41-year-old fast-fashion executive as chief executive.

Stefan Larsson, the president of Gap’s Old Navy unit, will in November take over the top spot at the fashion house from its legendary namesake founder.

Shares of Ralph Lauren soared 13.7 percent on Wednesday, closing at $118.16.

The 74-year-old Lauren will stay on as executive chairman and chief creative officer.

Larsson’s track record includes transforming Old Navy from a laggard to a star performer in the Gap portfolio and growing H&M, where he spent 15 years heading global sales, to a $17 billion company from $3 billion in sales.

“Ralph Lauren is not on the edge of innovation as it once was,” said Richard Kestenbaum, a partner in Triangle Capital. “It’s a very big enterprise but clearly has a leadership issue that requires a change in culture.”

Meanwhile, Gap shares tumbled 5.7 percent, to close at $28.50. They are down 32 percent for the year.

“We believe Larsson’s departure lowers investor confidence in the potential turnaround at The Gap,” wrote Wedbush analyst Morry Brown.