Gap CEO & president Jeff Kirwan resigns
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Gap Inc has announced that Gap brand president/CEO Jeff Kirwan will leave the clothing retail company.
A search has been launched to find a replacement.
“As we move into the brand’s next phase of development, Jeff and I agreed it was an appropriate time for a change in leadership,” says Gap Inc CEO Art Peck.
“Under Jeff’s leadership we made significant progress on the operating model of the brand. We are faster and more responsive than ever before, we radically improved quality and fit, and we centered the brand on the aesthetic our customers love: casual, optimistic and American.
“We have also seen the results of exceptional marketing and customer engagement reflected in increased traffic, improved sales and the strength of the digital business.
“While I am pleased with our progress in brand health and product quality, we have not achieved the operational excellence and accelerated profit growth we know is possible at Gap brand.”
Until a new president is found, the brand will be overseen by executive VP Brent Hyder, who was previously the brand’s COO.
Gap has been struggling both at home and abroad in recent years. Its Singapore franchisor FJ Benjamin this week announced it was ceding the franchise for both Gap and Banana Republic.
Questions & Answers
Q.What reason has Gap Inc. Given for Jeff Kirwan's departure from the company?
What reason has Gap Inc. Given for Jeff Kirwan's departure from the company?
Gap Inc. CEO Art Peck stated that he and Kirwan agreed it was time for a leadership change as the brand moves into its next development phase. He also noted that while there was progress in brand health and product quality, operational excellence and accelerated profit growth were not achieved.
Q.Who will be overseeing Gap brand operations until a new president is appointed?
Who will be overseeing Gap brand operations until a new president is appointed?
Brent Hyder, who is the executive VP and was previously the brand's COO, will oversee Gap brand operations. He will manage the brand until a permanent replacement for Jeff Kirwan is found following the ongoing search.
Q.Has Gap been performing well in its markets recently?
Has Gap been performing well in its markets recently?
No, the article states that Gap has been struggling both domestically and internationally in recent years. This week, its Singapore franchisor FJ Benjamin announced it would be ceding the franchise for Gap and Banana Republic.
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