The board of directors of Gap Inc and Paul Pressler announced that they have mutually agreed that Mr. Pressler will step down from his position as president and chief executive officer (CEO) of the company, as well as resign his seat on the company's board, effective immediately. Robert J. Fisher, the company's current non-executive chairman of the board of directors, will also serve as president and chief executive officer on an interim basis, effective immediately.
Mr. Fisher, chairman of Gap Inc's board of directors, said, "We want to thank Paul for the hard work and dedication that he has shown Gap Inc. over the past four years. Under his leadership, the company has meaningfully improved its operations, strengthened its balance sheet, greatly enhanced its on-line presence across the brand portfolio and improved its standing as a global corporate citizen."
The board will begin a search for a new chief executive officer. A search committee has been formed by the board and will be led by independent Gap Inc director Adrian D. Bellamy, chairman of The Body Shop International plc. Additional directors serving on the committee include Donald G. Fisher, Gap Inc's founder and Chairman Emeritus; Domenico De Sole, former president and chief executive officer, Gucci Group NV; and Bob L. Martin, the company's lead independent director and former president and chief executive officer of Wal-Mart International.
“I look forward to serving our employees, customers and shareholders as interim CEO,” said Mr. Fisher. “My personal ties and nearly 30-year professional history in operating roles at the company and as a board member have resulted in a deep appreciation for the creative process, gratitude to our customers who have supported us for the past 38 years and profound respect for the talented and passionate employees, past and present, who have built this company.”
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