Gap CFO Departs for Visa Job

SAN FRANCISCO -- Gap(GPS Quote) Chief Financial Officer Byron Pollitt is stepping down from his post to take the same job at credit card giant Visa.

The move marks the first major departure at Gap since the struggling retailer appointed Glenn Murphy, a Canadian drugstore executive, as its CEO. Pollitt was one of the last holdovers from the regime of Paul Pressler, who resigned as Gap's chief executive in January amid a prolonged sales slump at the company.

Many of Pressler's high-profile recruits from Disney(DIS Quote), where he had previously worked, left Gap soon after his departure. Pollitt, the former financial chief of Disney's parks and resorts division, was the exception.

Pollitt, known for his financial discipline, stayed on with Gap under interim CEO Bob Fisher, son of the company's founders. But he did not stick around for long under Murphy, who was named as Gap's chief last month.

Murphy praised Pollitt for his work. "He's played an integral role in restoring the company's financial health and instilling the strong financial discipline across the organization that exists today," the CEO said in a statement.

Pollitt's last day will be Sept. 14.

Sabrina Simmons, senior vice president of corporate finance and a six-year Gap finance veteran, will serve as acting CFO. She has also been promoted to the newly created position of executive vice president of Gap finance.

Pollitt won't be moving very far for his new job; Visa, like Gap, is based in San Francisco.