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Old Navy

Newspeopleretailers

Gap Inc. CEO to Step Down; Old Navy Names New President/CEO

by Katie Lee

San Francisco — Gap Inc.’s president and chief executive officer, Sonia Syngal, will step down from her position and from the company’s board, departing the company following a brief transition. In other executive leadership news, Horacio (“Haio”) Barbeito will serve as president and CEO of Old Navy. Effective immediately, Bob Martin, the company’s current executive chairman of the board, will serve as Gap Inc. president and CEO on an interim basis. Mayo Shattuck will continue to serve as lead independent director. “Leading this great company since 2020, through unprecedented challenges …

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Newspeopleretailers

Old Navy President & CEO Departs

by Katie Lee

San Francisco — Old Navy’s president and CEO, Nancy Green, recently exited the business. While an external search is underway, Gap Inc. CEO Sonia Syngal will work closely with the Old Navy team to lead through this transition until a new brand president is identified. “We believe in the power and potential of the Old Navy brand and the contribution it will have as we execute our Power Plan strategy and drive value creation at Gap Inc.,” says Syngal. “As we look to seize Old Navy’s potential, particularly amidst the …

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Gap’s First Quarter Sales Increase 28%, Net Sales Hit $4 Billion

by Katie Lee

San Francisco — Gap Inc., the parent company of Old Navy, Gap, Banana Republic and Athleta, released its first-quarter 2021 fiscal report showing net sales reached $4 billion, up 8% from 2019. Additionally, comparable sales were up 28% year-over-year and rose 13% since pre-pandemic 2019. The company showed strong increases in net sales at Old Navy and Athleta — 27% and 56% increase over 2019, respectively. There were declines in net sales at Gap Global (16%) and Banana Republic Global (29%). Old Navy’s comparable sales were up 35% year-over-year and …

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Gap Inc. to Build $140 Million Distribution Center in Longview, Texas

by Katie Lee

San Francisco — Gap Inc. plans to open a new state-of-the-art Customer Experience Center in Longview, Texas. By delivering inventory faster and more efficiently to customers across the country, the $140 million investment will help Gap Inc. meet the rising customer demand for online shopping and reach its future plans for digital growth. Gap Inc. anticipates the new campus will create more than 500 full-time jobs in Longview by the end of 2023 and will grow to more than 1,000 full-time jobs in the city over the next 5 years. …

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Gap Inc. Confirms New President and CEO of Old Navy

by Katie Lee

San Francisco — Gap Inc. has appointed Nancy Green as the president and CEO of Old Navy, the company’s largest brand. Green will report to Sonia Syngal, CEO of Gap Inc., and will serve on the company’s senior leadership team. Green has served as interim head of Old Navy since March and was previously president and chief creative officer of the brand. “Nancy is a visionary leader who brings deep customer empathy to her role every day. She has led the brand through one of the most challenging periods in …

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Bed Bath & Beyond Appoints Retail Veteran to Regional VP

by Katie Lee

Union, N.J. — Bed Bath & Beyond Inc. has appointed Rick Wilkins as regional vice president for the West region, effective immediately. He will report directly to Gregg Melnick, executive vice president (EVP) and chief stores officer, and will play a key role in the planning and execution of the company’s store optimization strategy. Wilkins will oversee operations for approximately 300 of Bed Bath & Beyond’s retail stores across 20 states, and execute the previously announced store optimization plan as the company continues to enhance its digital-first, omni-always shopping experience online and in-store. He will …

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Gap Inc. Names New Chief Executive Officer

by Katie Lee

San Francisco — Gap Inc.’s board of directors has named Sonia Syngal, an accomplished retail leader and CEO of the portfolio’s Old Navy business since 2016, as the company’s next chief executive officer, effective March 23. She will also join the Gap Inc. board. Her top priority will be strengthening the performance of the portfolio. “To lead the company into its next chapter, we sought a dynamic leader who could bring a deep respect for our customers and make the decisions necessary to deliver value from our portfolio of brands …

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Gap Inc. No Longer Pursuing Separation of Old Navy

by Katie Lee

San Francisco — Gap Inc. no longer intends to separate Old Navy into a standalone public company. Additionally, the company has announced that Neil Fiske, president and CEO of Gap brand, will leave the company. “The plan to separate was rooted in our commitment to value creation from our portfolio of iconic brands,” says 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 …

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Gap Inc. to Close 230 Stores, Spin Off Old Navy

by Katie Lee

San Francisco — Gap Inc. will close approximately 230 Gap specialty stores within the next 2 years, the San Francisco-based apparel chain announced in its fourth-quarter and 2018 fiscal year reports, released on February 28, 2019. Gap Inc. also revealed plans to spin off Old Navy, a brand it established in 1994, into a separate publicly traded entity, as well as to rebrand itself under a yet-to-be-determined name.

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