Another job opening at the Gap
Gap Inc. announced yesterday that CEO Paul Pressler is “stepping down” from his position as well effective immediately. Here’s the Gap’s official release. Robert J. Fischer, the son of the Gap’s founder Don Fisher is taking over the position in an interum basis, while they search for a replacement.
Pressler has been criticized for his inability to turn the company’s sales around in his four years as it’s head. He was recruited from Disney, which you would think would be a good thing. After all, Disney is another big brand. But, some people believe this experience would not give him the merchandising perspective the Gap needed. According to this article in the San Francisco Chronicle, Pressler added needed infrastructure, but didn’t address other merchandising issues.
Pressler was also responsible for overseeing the remodeling of stores in Gap’s top retail markets as a way to draw customers back to the brand. In 2005, he introduced a new retail concept, Forth & Towne, geared at women 35 and up. In autumn, he unveiled Piperlime, an online shoe store. But these efforts have not lifted Gap out of its slump.
Everyone was very nicey-nice in the official news release, with Fisher praising Pressler’s dedication and leadership, stating that he had, “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.”
Pressler had nicey-nice things to say about the Gap, too. “I have enjoyed the opportunity to lead this iconic company over the past four years. It has been a pleasure to work with the management team and such talented people throughout the organization.” And why not? According to the release, Pressler has a tidy severance coming to him. Over the next 2 years he will make up to $14 MILLION in salary, bonuses and stock options if he doesn’t accept other employment or compensation. And, he gets to keep his health insurance to boot. Huh. Take over leadership of the Gap. Fail to turn their slumping sales around. Get canned four years later and take $14 million. Not a bad gig, I’d say.
With everything going on in leadership at the Gap, I wonder if this is the beginning of the end. I hate to see it happen.
So, people, send your resumé and salary history to…
Gap, Pressler, Fisher, Gap President Leaving
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