Gap Inc. Gets New Financial Officer
Another major executive has left The Gap Inc., the San Francisco maker of all things blue jeans.
Byron Pollitt, chief financial officer at the corporation, is leaving to take a similar position with Visa Inc.
He will be replaced by Sabrina Simmons, currently senior vice president of corporate finance, who will be promoted to executive vice president of Gap finance and will serve as acting chief financial officer.
Simmons joined Gap in 2001 as a vice president and treasurer. Currently, she oversees controllership, corporate financial planning and analysis, investor relations, treasury, taxes, the corporate shared service center and risk management. In her new role she will oversee all business-related financial matters.
Pollitt’s exit comes only one month after Gap hired a new chairman and chief executive to take over from Paul Pressler, who left the company earlier this year as president and chief executive.
Glenn Murphy, a former head of Canada’s Shoppers Drug Mart, was named as head of Gap on July 26.
Gap, the largest specialty retailer in the United States, not only operates the Gap chain but also Banana Republic and Old Navy outlets.
Under Pressler’s five-year leadership, the company faltered with dismal samestore sales and declining profits.
In 2007 earnings were $486 million, down from $680 million in 2006 and $782 million in 2005.
Gap has been trying to figure out a new merchandising strategy to bring in more customers and boost sales. In 2005, the company announced a new store concept, Forth & Towne, for the over 35-year-old female shopper. After rolling out a few test stores, that retailing idea was canceled after Pressler left. —Deborah Belgum
