Gap Inc., the #2 U.S. clothing retailer, yesterday named Marka Hansen to lead its largest and most important division, The Gap. The company remains on the hunt for a CEO after last week's departure of Paul Pressler. Hansen, who was head of Gap's Banana Republic unit, replaces Cynthia Harriss, a 2004 Pressler hire. Bob Fisher, Gap's interim CEO, made the announcement; the change is apparently his first step in what will likely be an executive makeover. Or, as Mark Montagna of CL King & Associates said, this is "the beginning of hunkering down and focusing on turning the company around." He liked the choice, saying she "understands the company, knows the culture, and will be able to determine a vision for the future." Shares of Gap rose $0.42 (2.2%) to $19.59 in trading yesterday.
Sources: Press Release, MarketWatch, Bloomberg
Commentary: Gap's Identity Crisis vs. J Crew's Smooth Sailing • How Gap Can Get Itself Back on Track - Barron's • Gap: The Short Case
Stocks/ETFs to watch: Gap Inc. (NYSE:GPS)
Seeking Alpha's news summaries are combined into a pre-market briefing called Wall Street Breakfast. Get Wall Street Breakfast by email -- it's free and takes only a few seconds to sign up.