Retail 23 Jan 2007 07:46 am
Someone’s happy. Paul Pressler, CEO of The Gap (GPS), agreed to leave the company after four years of same-store sales declines and no spark from the mall monster. The company praised Pressler for his work that “strengthened its balance sheet, greatly enhanced its on-line presence across the brand portfolio and improved its standing as a global corporate citizen.” It’s the sales that forced him to leave. Don’t feel sorry for Pressler. The Gap will pay him $14 million in total compensation in the next two years.
Robert Fisher, chairman of the board, will become interim leader while the company finds a CEO “who has deep retailing and merchandising experience ideally in apparel, understands the creative process and can effectively execute strategies in large, complex environments while maintaining strong financial discipline.” Ex-amusement park executives for that clothes seller.
The talk can really continue on whether the company should spin off its Old Navy and Banana Republic brands.