After decades of designing and producing every girl’s perfect prom dress, fashion designer Betsey Johnson’s reign at her company will soon be coming to an end.

“I should be retired. I’m basically screwing up because I’m not retired. I’d like to go in four days a month, something like that,” Johnson told New York Magazine. “My partner [Chantal Bacon] and I, we both want to know what would it be like to get up in the morning and go, ‘What do I do today?’”

Don’t worry—they’ve already found an heir (yes, it’s a guy!) to the throne: Eric Sartori.

Sartori, who has designed for Vera Wang and Hervé Léger, will be heading the brand. “He is the one. He’s much better than I am. He just has to Betsey-fy himself,” Johnson explained. The prom queen expects to hand over the responsibilities after the Fall/Winter 2009 show.

That’s not to say that she’ll be out of the picture, though…

“I’ll be a megaconsultant. I’ll go in. I want to be like Ralph [Lauren]. Like, I always imagined the perfect life is like Ralph, where he goes in, and his wonderful expert crews show him work, and he goes, ‘Love it, love it, love it, um, we’ll just put that aside for the moment, love it, love it, hmmm.’ You know what I mean? And be that — be the inspiration, the light at the end of the tunnel, the fairy godmother that comes down.”

It appears as if her designs are just as eccentric and colorful as herself!