Gap Overseas Chief Sets Sail

International units will now report to the CEO.
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Gap (GPS) - Get Report said international president Andrew Rolfe will leave to take a senior position with private equity firm TowerBrook Capital Partners.

"Now that we have built a strong, more decentralized international organization, Andrew feels it's the appropriate time for him to take on new challenges," said CEO Paul Pressler. "I want to thank Andrew for his many contributions."

The company doesn't intend to replace Rolfe. Business units in Europe and Japan will report to Pressler.

Since 2004, the international division has shifted to a new business model moving key functions, such as merchandising and marketing, into local markets and building a dedicated International product design and development team. The unit also has successfully launched Banana Republic in Japan and established an International franchise business.

"We've made tremendous progress in building our international infrastructure over the past two years," said Pressler. "International expansion continues to be a key component of our company's long-term growth strategies."

On Friday, Gap slipped 9 cents to $18.26.