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Gap shares jump 12% after company names new Old Navy CEO to revive struggling brand. Gap Inc. named Michael Francis as the incoming chief executive officer of Old Navy, its largest revenue contributor. Francis, who joined the company as chief customer officer in May, will assume leadership on November 2, replacing Haio Barbeito, who will transition to an advisory role. Barbeito has served as Old Navy's CEO since 2022. The leadership change comes as Old Navy faces significant sales challenges. During the fiscal second quarter, the division posted net sales of $2.1 billion, declining 4% year over year, with comparable sales also down 4% compared to 2% growth in the prior-year period. This marked the brand's first negative comparable sales performance since the second quarter of 2023. Wall Street analysts had anticipated a smaller decline of 2.4%. Gap's chief executive Richard Dickson attributed some underperformance to inadequate execution on summer marketing campaigns that lacked direct product messaging, though he noted recent traffic and sales improvements. Old Navy generates approximately 60% of Gap's total revenue, making its performance critical to the parent company's results. The broader Gap Inc. reported mixed quarterly outcomes, beating earnings expectations while missing on revenue. The namesake Gap banner performed strongly with comparable sales up 10%, while Athleta experienced a significant 12% decline in comparable sales. Banana Republic posted a 3% comparable sales increase. For the full fiscal year, Gap narrowed its net sales growth outlook to a range of 1% to 1.5%, down from the prior 1% to 2% guidance, due to Old Navy's slowdown. However, the company raised adjusted earnings per share expectations to a range of $2.35 to $2.45 from the previous $2.30 to $2.40 range. Gap's stock surged 12% following the announcement of Francis's appointment, reflecting investor optimism about the leadership transition and turnaround efforts at the challenged division. Article summary produced by Claude AI

Gap Inc. appoints Kirsten Green to Board of Directors. Sep 15, 2026, 16:15 ET SAN FRANCISCO, Sept. 15, 2026 /PRNewswire/ - Gap Inc. (NYSE: GAP) today announced the appointment of Kirsten Green, Founder and Managing Partner of Forerunner, to the company's Board of Directors, effective immediately. A leading venture capital investor, Green brings more than two decades of experience recognizing fundamental shifts in how people relate to the world and supporting the leaders who translate those shifts into generation-defining companies. Since founding Forerunner in 2012, she led the firm to partner with more than 100 companies from their earliest stages through scale, including OURA, Chime, Hims & Hers, Faire, Wispr Flow, Suno, Warby Parker, Dollar Shave Club, and Town. "Kirsten has a demonstrated ability to anticipate shifts in consumer behavior, meet customers where they are, and translate those insights into meaningful business opportunities," said Richard Dickson, President and CEO of Gap Inc. "Her perspective will be valuable as we build on the renewed strength of our iconic brands, deepen their cultural relevance, extend their reach, and create new avenues for long-term growth." "Kirsten understands what it takes to turn bold ideas into lasting sources of growth," said Mayo A. Shattuck III, Chair of the Board, Gap Inc. "Her experience partnering with businesses as they evolve and scale will add an important dimension to our Board." Green founded Forerunner in 2012 with the belief that the way people relate to the world was fundamentally shifting - and that founders who understood those shifts earliest could go on to define and disrupt their categories. Under her leadership, Forerunner has raised nearly $3 billion from leading institutional investors and established a track record of engaged founder partnerships from seed stage through IPO. Green has earned 10 consecutive appearances on the Forbes Midas List, alongside recognition among TIME's 100 Most Influential People, Forbes' World's 100 Most Powerful Women, Barron's Most Influential Women in Finance and The New York Times' Top 20 Venture Capitalists. "Gap Inc.'s brands have an extraordinary place in people's lives and in culture," said Green. "I'm inspired by the momentum Richard and the team have created and the opportunity ahead to build on that legacy. I'm honored to join the Board and contribute to the company's continued growth." Green's appointment comes as Gap Inc. builds on the progress of its transformation, strengthening its core businesses while pursuing opportunities to extend the relevance and reach of its brands, including its recent expansion into beauty and accessories. About Gap Inc. Gap Inc., a purpose-driven house of iconic brands, is the largest specialty apparel company in America. Its Old Navy, Gap, Banana Republic, and Athleta brands offer clothing, accessories, and lifestyle products for men, women, children worldwide through Company-operated and franchise stores and e-commerce sites. Through Encore, its cross-brand membership program, Gap Inc. connects members across its portfolio to rewards, benefits and exclusive experiences. Since 1969, Gap Inc. has created products and experiences that shape culture, while doing right by employees, communities and the planet through its commitment to bridge gaps to create a better world. For more information, please visit www.gapinc.com. SOURCE Gap Inc.

Gap taps a new exec to find its next act beyond fashion. Sep 9, 2026, 5:30 AM PT Gap Inc. wants to be in the middle of the cultural conversation - and just tapped a new exec to grow its business beyond clothes. Gap has hired Jamie Drew as its new head of strategic partnerships and growth, reporting to chief entertainment officer Pam Kaufman, the company exclusively told Business Insider. Drew is tasked with helping push Gap's brands - including Old Navy, Banana Republic, and Athleta, as well as Gap - beyond apparel to other consumer touchpoints. Her mandate is to look beyond traditional fashion partnerships to areas where the parent company or its individual brands could reach new audiences and create new businesses. The company said those areas could include experiences and destinations, hospitality or travel, sports and fitness communities, gaming, and food and beverage. Drew was most recently EVP of consumer products and experiences at Paramount Global, also Kaufman's alma mater, following 15 years at its kids channel Nickelodeon. She helped build the kids' franchise Paw Patrol into a retail business, acquire Teenage Mutant Ninja Turtles, take SpongeBob SquarePants to Broadway, and open the first Nickelodeon Hotel. Drew said her most successful initiatives embodied the brand's DNA. "Brand partnerships only work when they're truly authentic to the brand's ethos and extend its consumer relevance," she said. Reimagining Gap has been a top priority for Richard Dickson, who has revived the retail giant since becoming CEO in 2023. This year, Gap tapped Kaufman for its first chief entertainment role, Walmart alum Justin Breton to drive original content, and Paramount alum Lourdes Arocho to head up licensing. Gap has made headlines for its cultural marketing. The company has already been inserting itself into culture - and the Gap brand is its star. Over the past year, the Gap brand has tapped into celebrities and cultural events to draw attention. It cast global pop girl group Katseye in an ad, produced a video with Puerto Rican artist Young Miko around Bad Bunny's Super Bowl halftime show, became Coachella's exclusive apparel sponsor and merch partner, and dropped a buzzy collection of jeans with Hailey Bieber. Meanwhile, Banana Republic is bringing back nostalgia with refurbished vintage styles. Old Navy has also been working with stars like Paris Hilton and influencer Haylee Baylee, and launched a collection of clothes with luxury designer Christopher John Rogers. Gap Inc. also launched a loyalty program with exclusive drops and other benefits. Working with influencers and outside designers has been a frequent strategy for big retailers. J.Crew, for instance, worked with several designers to reimagine one of its classic sweater styles and cast internet star Emma Chamberlain for its latest collection. Other consumer brands have gotten creative, too, by moving beyond selling products over the years. Nike and Ralph Lauren are experimenting with cafés and dining, Lululemon acquired fitness company Mirror, and JPMorgan Chase bought food review site The Infatuation to give customers dining-related perks. Jumping into new areas can be risky. Brands have to be careful about launching extensions or moving into new areas where there's stiff competition or the brand doesn't add any new value, though, said Kevin Lane Keller, a marketing professor at Dartmouth's Tuck School of Business. Such moves have worked for some, like Ralph Lauren, whose defined brand translated well into home decor, but there have been some notable flops, like McDonald's foray into luxury hotels in the 2000s. The Gap brand had a yearslong revenue slump before Dickson's arrival, which it attributed in part to having too many products and styles. That history could impair Gap's ability to take more than small steps, Keller said. "Over time, if you haven't carved out a strong identity and reinforced it, that's not going to make it easy to move into unrelated categories," he said. "They also haven't stretched out of apparel that much." Gap may be about to face the first test of its ability to extend its brand, having just made a concerted push into accessories under the leadership of Coach alum Reed Krakoff.