In his place, Robert J. Fisher, currently non-executive chairman of the board of directors, will serve as interim president and CEO.
Rumors of buyout
The resignation, described as "mutually agreed" upon in a statement released by Gap Inc., comes amid declining same-store sales and reports that the company is on the sales block -- its trio of brands (Gap, Banana Republic and Old Navy) could be split up in a private-equity buyout. In recent months, speculation about Mr. Pressler's future with the company has escalated as the retailer found no way out of its two-year sales slump. Mr. Pressler joined Gap Inc. in 2002.
"I have enjoyed the opportunity to lead this iconic company over the past four years," Mr. Pressler said in a statement. "It has been a pleasure to work with the management team and such talented people throughout the organization. Gap Inc. is a company with tremendous potential and I wish all the employees much success in the years ahead."
A search committee led by Gap Inc. Director Adrian Bellamy, chairman of The Body Shop International, has been formed to find a permanent replacement.