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Written by asap
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Tuesday, 23 January 2007 |
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 How well did he mind the Gap?
Some would say not well enough, because Paul Pressler is out after four years as chief executive of the company that owns 3,100 Gap, Old Navy and Banana Republic stores. His exit was announced late Monday following a dismal holiday season for Gap Inc.
DEPARTURE FACTS
• Pressler will receive a $14 million severance package.
• He started as Gap CEO in September 2002. His previous job was running Disneyland.
• Official wording? Gap said its board and Pressler "mutually agreed" it was time for him to leave.
WHO WILL TAKE OVER?
The search is on, but in the meantime Gap named Robert J. Fisher, the son of founder Donald Fisher, as CEO on an interim basis. The younger Fisher has previously held several top jobs at Gap and has been the company's nonexecutive chairman since May 2004.
"During this important transition period for our company, the board of directors and I are committed to working with our employees to enhance our focus on ... reinvigorating our brands and charting a new course for the future that will deliver strong returns for our shareholders," Fisher said Monday.
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