New presidents named at Gap and Banana Republic

Incoming Gap Inc. CEO Art Peck announced key members of his global team in conjunction with the release of mixed third quarter results.



Peck is scheduled to replace Gap Inc. CEO Glenn Murphy in February and late Thursday he named new global brand presidents for Gap and Banana Republic.



“We’ll start 2015 with a management team comprised of both established executives and the next generation of brand leaders ready for the next generation of customers,” said Peck. “We’ve provided a transition period that allows our teams to deliver a successful holiday, while gearing up for a future where great product, showcased seamlessly across physical and digital experiences, consistently delights our customers.”

Filling the role of global president for the Gap brand will be Jeff Kirwan. He spent the past three years as Gap’s president for greater China. He replaces Stephen Sunnucks who is leaving the company. Named to the new role of global president for Banana Republic was Andi Owen. She previously served as head of the Gap Outlet division and fills a position previously held by Jack Calhoun who is leaving the company.



“These are important changes within the company, and I’ve been impressed with both Jeff and Andi’s development during our work together these past eight years. We’ve prepared leaders, with experience across all aspects of the global business, who are ready and eager for the challenges and the opportunities ahead,” said Gap Inc. chairman and CEO Glenn Murphy.



The personnel moves were announced in conjunction with the release of third quarter results which saw total company sales increase 1% to nearly $4 billion and same store sales decline 2%. The big drag was caused by the Gap brand where comps decline 5% globally. Old Navy advance 1% and Banana Republic was flat. Earnings per share advanced 11% to 80 cents. T



"As we move into the holiday season, our teams are focused on delivering unique customer

experiences which will differentiate our portfolio of brands in the marketplace,” Murphy said.