RETAIL
Gap’s Chief Financial Officer Is Stepping Down
After 15 years working at Gap Inc., Sabrina Simmons is stepping down from her job as executive vice president and chief financial officer.
A search is underway to replace her while she stays on until the end of fiscal 2016 to ensure a seamless transition over the next months.
Since joining Gap Inc. in 2001, Simmons has held several jobs of increasing responsibility—going from vice president and treasurer to executive vice president. Simmons has served as the company’s CFO since late 2007.
Most recently, her responsibilities have included all global financial functions, including corporate and brand financial planning and analysis, treasury, risk management, tax, investor relations, controllership, corporate shared service centers, and internal audit, in addition to real estate, loss prevention and corporate facilities.
“I feel very fortunate to have spent a meaningful part of my career at Gap Inc., and I’ll always be grateful to the Fisher family [founders], to my colleagues and to my team for the opportunities I’ve had with the company,” Simmons said in a statement.
Gap Chief Executive Art Peck, who joined the company two years ago, said Simmons had been critical in establishing Gap Inc.’s capital-structure framework and maintaining operating discipline across the enterprise.
“Since I assumed the CEO role two years ago, Sabrina has been an instrumental partner in helping the company transition to a new leadership team,” Peck said. “With that period of transition behind us, Sabrina and I agreed that this was an appropriate time for a change in the organization and for her to pursue the next chapter in her career. Sabrina and I will work together to ensure an orderly transition in the coming months. Most of all, I am grateful for her partnership and for all that Sabrina has contributed to Gap Inc.”
