Gap president and chief executive Jeff Kirwan has stepped down as the American fashion retailer continues to struggle financially.
Kirwan was appointed to the role in late 2014 after several years in other roles with Gap Inc – the umbrella company that owns Gap and other fashion chains – with the remit to improve the core business of a high street chain that accounts for 25 per cent of the company’s total sales.
However, during his tenure he has only achieved one quarter of comparable sales growth, which came in its third and most recent fiscal quarter.
Gap Inc is currently conducting a search for Kirwan’s replacement.
Brent Hyder, the current Gap Inc executive vice president for global talent and sustainability, will oversee Gap in the interim.
“Under Jeff’s leadership we made significant progress on the operating model of Gap brand,” Gap Inc chief executive Art Peck said.
“We have also seen the results of exceptional marketing and customer engagement reflected in increased traffic, improved sales and the strength of the digital business.
“While I am pleased with our progress in brand health and product quality, we have not achieved the operational excellence and accelerated profit growth that we know is possible at Gap brand.
“As we move into the brand’s next phase of development, Jeff and I agreed it was an appropriate time for a change in leadership.”
Gap Inc will report fourth quarter results on March 1.