Gap brand CEO and President Neil Fiske is exiting the company, Gap Inc. said this afternoon.
Neil, formerly CEO of Billabong, joined Gap in 2018 after Boardriders acquired Billabong.
Gap has faced numerous challenges for years before Neil joined, and big challenges remain.
We reached out to Neil, who is a friend of SES, to see if he wanted to comment about the change but he declined at this time.
Banana Republic CEO Mark Breitbard has been given additional duties and will now oversee the company’s specialty brands including Gap, Banana Republic, Athleta, Janie and Jack, Intermix and Hill City.
Gap Inc. had planned to spin off its Old Navy chain into a separate publicly traded company to focus more on its specialty chains, including Gap, Banana Republic, and Athleta.
The company announced today it has ditched that plan, however.
“The plan to separate was rooted in our commitment to value creation from our portfolio of iconic brands,” said Robert Fisher, Gap Inc. Interim President and Chief Executive Officer. “While the objectives of the separation remain relevant, our board of directors has concluded that the cost and complexity of splitting into two companies, combined with softer business performance, limited our ability to create appropriate value from separation.”
Fisher, Chairman of the Board and the son of the founders of Gap, took over as Gap, Inc. CEO in November after former leader Art Peck was let go.
The company is currently searching for a new CEO.
In the third quarter, comparable sales at the Gap chain fell 7%; Old Navy declined 4% and Banana Republic dropped 3%.
