Explore the latest developments concerning Gap shares jump.
Gap shares jump 12% after company names new Old Navy CEO to revive struggling brand
Gap on Thursday announced a new CEO for its Old Navy banner, effective Nov. 2, as the retailer tries to reinvigorate sluggish sales performance at the brand.
Michael Francis, who was appointed the chief customer officer at Old Navy in May, will take over the reins from current CEO Haio Barbeito, who will become an advisor to the company. Barbeito has held the position since 2022.
Gap CEO Richard Dickson told CNBC the move was "a planned and thoughtful transition" to better equip Old Navy for its next chapter.
"We've been working â from fixing fundamentals to building momentum and ultimately looking to accelerate growth, and so there's not a change in strategy," Dickson said in an interview. "We're just going to continue to execute better, continuously improve our core business, while we drive some accelerators that we're really excited about."
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