CEO Pressler Leaves Gap
San Francisco–based retail giant Gap Inc. announced that its board and Chief Executive Officer Paul Pressler “mutually agreed” that Pressler would step down from his position immediately.
Pressler joined the Gap four years ago after heading up The Walt Disney Co.’s resort and theme-park operations.
Gap board Chairman Robert J. Fisher issued a statement thanking Pressler for his years of oversight: “Under [Pressler’s] leadership, the company has meaningfully improved its operations, strengthened its balance sheet, greatly enhanced its on-line presence across the brand portfolio and improved its standing as a global corporate citizen. We appreciate all of his efforts and wish Paul every success in the future.”
However, the $16 billion retailer has suffered from flagging same-store sales in recent months and has reportedly retained Goldman Sachs as an advisor—prompting many industry watchers to wonder whether Gap might sell off one or more of its retail divisions. The company operates 3,200 stores under the Gap, Old Navy and Banana Republic nameplates.
Robert Fisher, a 27-year Gap veteran and the son of Gap founder Donald G. Fisher, will take the reins as president and chief executive officer until a new top executive is found. The board has formed a search committee headed by The Body Shop’s Adrian D. Bellamy and including Gap founder and Chairman Emeritus Donald G. Fisher; former Gucci Group President and chief executive officer Domenico De Sole; and former Wal-Mart Chief Executive Officer Bob L. Martin, who is the board’s lead independent director.
Gap was founded by Donald Fisher in 1969. The Fisher family controls 33 percent of the company’s stock.
—Alison A. Nieder
