Old Navy taps marketing veteran as next CEO
Gap Inc.’s largest banner will soon undergo a leadership transition.
Veteran retailer Michael Francis has been named president and CEO of Old Navy, effective Nov. 2, 2026. He will succeed Haio Barbeito, who will move into an advisory role. Francis' appointment comes as Gap Inc. reported that its second-quarter sales slipped, with comp sales at Old Navy down 4%. It was the banner's first negative same-store sales figure since the second quarter of 2023,
Francis, who joined Gap Inc. in March 2026 as chief customer officer of Old Navy and head of marketing shared services, has has held senior leadership roles across retail, entertainment and consumer brands. But he is best known for his role at Target, where, as chief marketing officer, he played a key role in creating the discounter’s “cheap chic” image. He left Target in 2011 to serve as president of JCPenney under the leadership of then-new CEO Ron Johnson.
After serving less than a year at Penney, Francis departed to become chief global brand officer at DreamWorks Animation (from 2012 to 2015).
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"Old Navy is poised for its next chapter of growth, and Michael is uniquely equipped to step into this operating role," said Richard Dickson, president and CEO of Gap Inc. "Michael is one of the most respected commercial, brand and customer leaders in retail. His experience building iconic brands, cultivating customer connections, and driving transformation at scale will help Old Navy strengthen its relevance, accelerate growth and deliver even greater value for customers."
In his new role, Gap Inc. said that Francis will focus on strengthening the brand's storytelling across commercial and marketing channels, enhancing the omnichannel customer experience, elevating in-store experiences and deepening Old Navy's connection with its audience.
"Old Navy is an iconic American brand with a unique place in the lives of millions of customers," said Francis. "I am honored to lead this incredible team and excited by the opportunities ahead. Together, we will continue to sharpen our customer focus, strengthen the brand's cultural relevance, enhance the customer experience across every touchpoint, and build on the momentum already underway."
Barbeito has served as the president and CEO of Old Navy since 2022. He joined Gap Inc. from Walmart, where he held several leadership roles over a 27-year period, including president and CEO of Walmart Canada.
"I want to thank Haio for his leadership in strengthening Old Navy's foundation, scaling our strategic categories and positioning the business for its next phase of growth,” said Dickson. “Since the beginning of our transformation, Old Navy has grown its annual revenue by nearly half a billion dollars, further reinforcing its position as the #1 specialty apparel brand and retailer in the U.S.”
Old Navy operates more than 1,200 stores across the United States and Canada.
Founded in 1969, Gap Inc.’s other brands include Gap, Banana Republic and Athleta.
