Gap Inc. incoming Chief Executive Officer Art Peck is overhauling management at the ailing Banana Republic and Gap brands. Jeff Kirwan, 48, will replace Stephen Sunnucks as global president for the Gap chain in December, and Andi Owen, 49, will succeed Jack Calhoun on Jan. 5 as global president for Banana Republic, the retailer's upscale chain. The move marks Peck's first major decision since CEO Glenn Murphy said last month that he will step down in February.
Gap said late Wednesday that Glenn Murphy will resign as its chairman and chief executive on Feb. 1, and the retailer will promote its digital leader Art Peck to CEO. The San Francisco company, which operates Gap, Old Navy and Banana Republic, said Wednesday that Murphy's resignation coincides with the end of its current fiscal year. He has been Gap's chairman and CEO since July 2007 and oversaw a turnaround that has lost steam in recent months.
Target's board, seeking a new CEO after pushing out Gregg Steinhafel yesterday, is under pressure to do something it's never done before: hire a leader from outside the company. Target is working with recruitment firm Korn Ferry, signaling that it's not focusing on internal candidates, said Carol Spieckerman, a retail consultant. The company also has increasingly looked outside for other executive roles, including its latest chief information officer and chief marketing officer. Potential candidates for the top job include HSN Inc. CEO Mindy Grossman, Bon-Ton Stores chief Brendan Hoffman, Gap head Glenn Murphy and Victoria's Secret CEO Sharen Turney.
Owning the shopping experience of the future is how Gap Chairman and CEO Glenn Murphy described the motivation behind a wide range of omnichannel strategies he and other senior executives shared during an annual meeting with investors. Murphy and Gap's top division heads provided an overview of strategic initiatives designed to achieve long-term, profitable growth across its portfolio of brands and also highlighted how the company plans to use technology, innovation and scale as competitive advantages as it looks to deliver a world-class omnichannel experience.
The former Target chief marketing officer and J.C. Penney president will join Gap on Sept. 17 in an advisory role, Ad Age has learned. According to an executive close to the company, Gap CEO Glenn Murphy recently announced the news to a select group of executives. Mr. Francis will be the company's first marketing creative adviser and is expected to spend two weeks a month in the Gap offices. A Gap spokeswoman declined to comment. Mr. Francis could not immediately be reached for comment.
New York -- Disappointing same-store sales results in June weren’t necessarily unexpected, as the month typically trends weaker as shoppers have fewer reasons to shop. Thomson Reuters, which polls 18 U.S. retail chains, projected its Same-Store Sales Index to inch up 0.5% in June, far below last year’s 6.7% rise for the month. Analysts have said that warm weather may have prompted consumers to make summer apparel purchases earlier than usual, shifting sales from later months like June. Just before the July 4th holiday, the International Council of Shopping Centers trimmed its earlier June same-store sales forecast of a