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Pressler out at the Gap

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Gap Inc. dumped Paul Pressler as chief executive Monday after a year of broken promises that culminated in a dismal holiday shopping season to deepen the clothing retailer's misery.

Pressler, Gap's CEO since September 2002, will receive a severance package valued at $14 million as he walks away from the turmoil that has raised questions about the company's future.

The San Francisco-based company, which owns 3,100 stores under the Gap, Old Navy and Banana Republic brands, has been mired in a sales funk since the spring of 2004.

Gap named Robert J. Fisher, the son of founder Donald Fisher, as interim CEO.

There's been rumors for months that Gap could be a target for a private equity takeover. Perhaps ousting Pressler is a prelude to a deal going down.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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