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March 14, 2008 |
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GAP INC: Tom Wyatt Sits as Acting President of Old Navy Brand Tom Wyatt, president of Gap Inc.'s Outlet division, assumed the role of acting president of its Old Navy brand while a search is conducted for a permanent replacement for Dawn Robertson who resigned. "I appreciate Dawn's hard work over the past 16 months and wish her all the best," Glenn Murphy, chairman and chief executive officer of Gap Inc., said. "We're fortunate to have someone of Tom Wyatt's caliber and experience, as both a president of our Outlet division and a former retail CEO, to guide Old Navy during this transition." The mutual decision was made by the company and Ms. Robertson. Mr. Wyatt joined the company in 2006 as a senior executive of Gap brand and took on responsibility for the company's successful Outlet division more than a year ago. Mr. Wyatt has more than 30 years of experience in the retail business, including leading a chain of department stores in the Saks family of companies and serving as president and CEO of the Cutter & Buck clothing company. "Old Navy has a team of talented and creative leaders who will work closely with Tom to ensure that the brand continues to execute on its strategic priorities," Mr. Murphy added. "Working together, I'm confident we can successfully move forward to evolve the brand and improve our results." About Gap Inc. Headquartered in San Francisco, California, Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/ -- is an international specialty retailer offering clothing, accessories and personal care products for men, women, children and babies under the Gap, Banana Republic, Old Navy, Forth & Towne and Piperlime brand names. Gap Inc. operates more than 3,100 stores in the United States, the United Kingdom, Canada, France, Ireland and Japan. In addition, Gap Inc. is expanding its international presence with franchise agreements for Gap and Banana Republic in Southeast Asia and the Middle East. * * * Moody's Investor Service placed Gap Inc.'s corporate family, senior unsecured debt and probability of default ratings at 'Ba1' in February 2007. The ratings still hold to date with a stable outlook. |
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