Alexander Wang has stepped down from his namesake brand.

The 33-year-old fashion designer has decided to relinquish his title as chief executive officer of his label, and the mogul will be replaced immediately by the former Goop CEO Lisa Gersh, the Business of Fashion website has reported.

And the businesswoman is ''honoured and excited'' to take on the new role.

Speaking in a statement about her upcoming venture, Lisa said: ''I am honoured and excited by the opportunity to help Alex shape this remarkable company.''

However, Alexander is not leaving the company entirely as he will remain as the creative director and chairman of the brand's board of directors.

And Lisa is ''looking forward'' to working alongside the creative mastermind and Stephanie Horton, who has been hired as the new chief strategy officer.

Lisa continued: ''The Alexander Wang brand has always represented style, innovation and an extraordinary standard of quality and excellence. I'm looking forward to working with Alex and the rest of the team to build on his foundation, and to continue to delight customers with our products and creative vision.''

Stephanie has revealed she is also keen to join the company and ''expand [the brand's] capabilities''.

She said: ''Pushing boundaries and extreme creativity has always been at the core of the Alexander Wang business. I look forward to working with the team to expand these capabilities, as well as looking outside of traditional channels and spectrums, to develop new and innovative growth opportunities for the brand.''

And Alexander - who released his debut Womenswear line in 2007 - has revealed the changes in the company are in a bid to ''challenge the status quo'' in the fashion industry.

He said: ''The appointment of CEO, and the addition of a CSO position, highlight our ongoing strategy of productivity and diversification. In a rapidly changing retail environment, it's necessary for us to continually challenge the status quo. In my year as CEO I've been able to reflect and assess the strengths and opportunities of the company and set the stage for future growth. Lisa and Stephanie's diverse backgrounds in the media, lifestyle and digital landscape will help us continue to position the business to expand into new categories and territories.''