Gap loses chief executive Pressler after a poor 2006

by Joanne Payne, Brand Republic 23-Jan-07, 10:30

LONDON - Paul Pressler, the Gap chief executive, has stepped down from his role at the struggling high-street clothes retailer.

Robert Fisher, Gap's chairman and the son of Donald and Doris Fisher who founded the company in San Francisco in 1969, has been appointed interim chief executive. He had previously held a number of senior positions at the company, including chief financial officer and chief operating officer. Fisher has said that he will focus on "reinvigorating our brands and charting a new course for the future".

The Gap board has formed a search committee that will begin looking for a permanent replacement for Pressler immediately. It has been reported that Pressler has received £7m in severance pay.

Earlier this month, the retailer announced a review of its Gap and Old Navy brands. Total sales for December were down by 10% on results posted two years ago, at $2.34bn (£1.2bn). The company has been in the middle of a two-year rebranding operation, but admitted defeat and will review its strategy at the two divisions.

The company recently awarded its £30m pan-European media planning and buying account to agency PHD after a pitch against incumbent ZenithOptimedia and MediaCom.

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