Incoming Gap CEO names new heads of Gap and Banana Republic brands

New York- Gap Inc.'s incoming CEO, Abe Peck, is wasting no time putting his own stamp on the company, naming new presidents for the Gap and Banana Republic brands. Jeff Kirwan, 48, has been tapped to replace Stephen Sunnucks as global president for Gap. And Owen, 49, will succeed Jack Calhoun on Jan. 5 as global president for Banana Republic.



Kirwan joined Gap in 2004 from Target Corp. and has led Gap’s greater China business for three years. Owen joined Gap in 1991 from Macy’s Bloomingdales division and currently leads the Gap brand’s global outlet business.



"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. Over the past decade, I’ve worked with Jeff and Andi and seen them in action.



They each bring the creativity, tenacity, and exceptional leadership qualities necessary for these roles, and, importantly, they have consistently delivered results for our brands and company."



The appointments are Peck’s first major moves since CEO Glenn Murphy said last month that he will step down in February, to be succeeded by Peck, currently president of Gap’s growth, innovation and digital unit. The Gap brand has had a rough year, with its turn-around seemingly off track. Same-store sales have fallen 5% in every quarter this fiscal year. On Tuesday, Gap issued a full-year profit outlook Thursday that was below Wall Street expectations.



While he moves were orchestrated by Peck, they were done with the full support of current chairman and CEO Glenn Murphy, the company said,"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," Murphy said.