President-CEO of Gap Inc. Resigns

Paul Pressler Replaced by Robert J. Fisher at Struggling Retailer

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NEW YORK (AdAge.com) -- Amid struggling sales and an unclear future for the company's brands, Gap Inc.'s chief executive officer, Paul Pressler, has resigned.
Gap CEO Paul Pressler has resigned as same-store sales continue to decline and the company had reportedly been put up for sale.
Gap CEO Paul Pressler has resigned as same-store sales continue to decline and the company had reportedly been put up for sale.
Effective immediately, Mr. Pressler is stepping down from his post as president and CEO of the company; he has also relinquished his seat on the company's board.

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.
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