As Gap CEO takes leave, retailer's shares take a dip
Jeff Kirwan, CEO and president of the Gap brand, is leaving his post, and the news is impacting the retailer's shares.
A Bloomberg report stated shares dropped as much a 7.6 percent, the deepest dip in over a year, now that Gap is searching for a new leader.
In the interim, Brent Hyder, executive vice president of global talent and sustainability, is at the helm.
Kirwan led the brand since 2014. Sales fell in 13 of the last 15 quarters, according to Bloomberg.
"While I am pleased with our progress in brand health and product quality, we have not achieved the operational excellence and accelerated profit growth that we know is possible at Gap brand," Gap Inc. CEO Art Peck said in the statement, according to Bloomberg.