chester higgins jr./the new york times
Executives leave companies all the time, right? But Gap CEO Paul Pressler, 49, seems to be watching an unusually high number of top people head for the door. In 2006 at least 10 senior executives left the giant clothier, and the only good thing to say about the exodus is that at least it’s not as big as the one in 2003, the year after Pressler took the helm. Among the departures this year were the heads of the international and supply-chain areas, merchandising executives, and the longtime chief of Gap’s Old Navy chain. Some have gone on to big jobs at high-profile brands, including Lands’ End and Bath & Body Works.
So if it’s not them, then chances are it’s him. Pressler has cleaned up Gap’s balance sheet by cutting costs, but many don’t think he actually gets fashion. The company’s sales and profits have been falling for more than two years. Gap responds that “it is commonplace in turnaround situations to see significant changes made in senior executive ranks.”..
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