GAP Inc., the American fashion retail company, has announced the departure of GAP brand President and Chief Executive Officer (CEO) Jeff Kirwan.
Under his leadership, the label noted a qualitative growth. He also enacted a key role in the growth of the Gap and Old Navy brand in the Chinese market by developing a robust operating model. “The company became faster and more responsive than ever before during his leadership,” underlined Art Peck, Chief Executive Officer of GAP Inc.
Kirwan joined GAP Inc. in the year 2004 from the second-largest offline retailer in the United States – Target Corp. He had been serving the GAP brand in the current role since November 2014. The departure new of Kirwan has come at the time when the apparel retailer is about to announce the financial results for the fourth quarter of the fiscal.
Previously during the third quarter, the company’s total revenue declined by 1.4 per cent to US $ 3.8 billion.
For now, Brent Hyder, EVP at GAP Inc. for Global Talent and Sustainability, has been given the additional responsibility to look after the GAP brand as the search for a new President is underway.
GAP has been a tough competition to fast-fashion chains like Zara and H&M which have emerged as the favourite among the fickle shopping public over the years. The company is known for its iconic apparels and accessories that it retail in over 90 countries via 3,200+ company-operated stores and 450 franchise outlets.
The departure of Kirwan will leave a huge vacuum at GAP to be filled but the company feels the move will benefit in the future as its CEO said that they did not achieve the operational excellence and enhanced profit growth that they’re capable of. “As we move into the brand’s next phase of development, Jeff and I agreed it was an appropriate time for a change in leadership,” Peck added.
