After a miserable holiday season and 4 years of crappiness, Gap CEO Paul Pressler resigned Monday. From the New York Times:
- Mr. Pressler, a former Disney executive, arrived at Gap four years ago with plans to cut costs and restore the chain’s place in the retail firmament after years of sluggish sales.
But it quickly became clear that he could not turn the business around. At Gap, which is all but synonymous with casual clothing, sales have fallen every month for the past year, as Mr. Pressler and his team experimented with a dizzying number of fashions and store layouts.
During the holiday season, for example, Gap returned to the simple fashions that fueled the chain’s meteoric rise in the 1990s. But sales at stores open at least a year fell 8 percent.
Here’s hoping the new GAP CEO puts more emphasis on quality—something people tend to notice in their clothes. —MEGHANN MARCO
Gap’s Chief Executive Resigns [New York Times]