Gap Inc. CEO steps down, Old Navy appoints president, CEO
Effective immediately, Bob Martin, the company's current executive chairman of the board, will serve as Gap Inc. president and chief executive officer on an interim basis. Meanwhile, Mayo Shattuck will continue to serve as lead independent director.
Martin is a 40-year industry veteran, who has been on the board since 2002, as lead independent director from 2003 to 2015, and as executive chairman since 2020. He has extensive retail experience at corporations including Dillard’s Inc. and Walmart where he served as CEO of its International division. Martin also brings significant global governance and executive management experience.
“My fellow board members and I want to thank Sonia for her steadfast leadership and many contributions to Gap Inc. during her 18 years with us. Most notably, amidst significant global disruption, social unrest and economic instability, Sonia had an immediate impact as Gap Inc. CEO, establishing a clear strategic direction and cultural identity that has united this global enterprise as a force for good with powerful brands poised to stand the test of time,” said Martin.
"While a search is underway, the Board has complete confidence in the formidable leadership team to guide the company through this transition. And I look forward to championing this incredible team as they continue to write Gap Inc.’s next chapter with grit and passion.”
The company also announced that Horacio 'Haio' Barbeito will join the Gap Inc. leadership team as president and chief executive officer of Old Navy, as of August 1. In this role, he will lead the brand in delivering on its unique value proposition.
Barbeito most recently served as president and CEO of Walmart Canada where he led more than 70,000 associates and drove significant growth in the online business. During his 26-year career at Walmart, he served in a variety of leadership roles including in CEO roles at Walmart for 10 years.
“Haio is a true multi-disciplined retail leader who shares our vision of bringing the democracy of style and service to millions of Old Navy customers, leveraging our greatest assets – our people and our product. We are thrilled for Haio to bring his authentic leadership style to the team, backed by a strong track record of delivering growth through challenging times at complex global organizations,” said Martin.
“Particularly in this environment, Haio’s sincere customer empathy, operational excellence, and passion for product and marketing innovation, will fuel Old Navy’s competitive strengths on its path to $10 billion, rooted in fun, family, fashion and value.”
Looking ahead, the company said it is expecting net sales in the second quarter fiscal 2022 to decline in the approximately high-single digit range, relatively in-line with its prior expectations. Furthermore, it now anticipates second quarter fiscal 2022 adjusted operating margin percentage to be zero to slightly negative.
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