Gap Inc. on Thursday said it’s close to naming a new CEO, but has shaken up its C-suite further as part of a major cost-cutting effort. The expense cuts will bring $300 million in annualized savings, roughly half in the back half this year; with that the company has identified a total $550 million in annualized savings.
In a major shift, Athleta CEO Mary Beth Laughton is out. Noting “product acceptance challenges over the past several quarters,” Gap Inc. Interim CEO Bob Martin said it’s time for new leadership. A new brand creative chief will join in May, he said on a conference call. Gap Inc. didn’t immediately respond to questions about who that will be.
The retailer, which also announced Q4 declines across its brands, eliminated the role of chief growth officer. Asheesh Saksena, who has been in that job, leaves March 24, per a filing with the Securities and Exchange Commission. Chief People Officer Sheila Peters will leave at year’s end and will help choose her successor.Retail Dive