Banana Republic President Out as Brand's Struggles Continue

Andi Owen, global brand president of Banana Republic, will be leaving the company in late February after 25 years with Gap, Banana Republic’s parent company. Gap CEO Art Peck will oversee the Banana Republic brand until a successor is named.

"Andi has been an accomplished leader at Gap playing a number of key roles across Banana Republic, Old Navy and Gap," Peck said in a statement to CNBC. He also added that the separation was mutual.

This leadership change comes after a string of dismal comparable sales results for Banana Republic, with gains recorded in just three of the last 24 months. Fast-fashion labels and the rise of casual workplaces sent Banana Republic into a downward spiral of deep discounting as the brand tried to get shoppers into its stores.