Building upon its solid performance this year, Gap Inc. (NYSE: GPS) today announced a new global brand structure designed to fuel the company’s long-term growth. Gap Inc.’s five brands and over 3,200 stores are currently located in more than 40 countries worldwide, up from just eight countries in 2006.
With the start of the 2013 fiscal year, the company will bring together its North American, International, Online, Outlet and Franchise divisions under a single global executive for each of its Gap, Banana Republic and Old Navy brands. In addition, to build upon the company’s considerable online success and industry-leading technological advances, the company will form a new Innovation and Digital Strategy team to further its leadership position in this area.
“Our strong performance gives us the confidence to make this move to bring each brand together with the goal of gaining market share around the world and enhancing shareholder value,” said Glenn Murphy, chairman and chief executive officer of Gap Inc. “The global teams will move even faster in anticipating and responding to the ever-evolving needs of customers, delivering consistently great product around the world.”
Effective November 5, the following members of the company’s management team will begin to transition into their new roles in preparation for the upcoming fiscal year:At Gap brand, Steve Sunnucks, a 30-year retail veteran and the current president of the Gap Inc. International division, will become Global President, based in New York. Sunnucks brings to this new role extensive global expertise having held senior leadership roles at retailers such as Marks & Spencer and New Look, where he served as CEO. Mark Breitbard, the senior product leader for the brand in the United States and Canada, will take on an expanded role based in San Francisco as President of Gap North America, reporting to Sunnucks.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV