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Neil Fiske, the president and CEO of the Gap brand, will leave the company a few months after the board reportedly ousted Gap Inc.’s chief executive.
Fiske, formerly CEO of Billabong, joined Gap in 2018.
Banana Republic CEO Mark Breitbard has been given additional duties and will now oversee the company’s specialty brands including Gap, Banana Republic, Athleta, Janie and Jack, Intermix and Hill City.
The company announced Gap Inc. CEO Art Peck’s departure in November 2019. Robert Fisher, the son of the company’s founders, was temporarily appointed the CEO role while the company searches for a permanent successor to oversee the full portfolio of brands.
Gap Inc. also announced on Thursday that it was abandoning its plans to split the Old Navy brand into a separate public company. The board stated that splitting the companies would have been too expensive and difficult to achieve.
“The plan to separate was rooted in our commitment to value creation from our portfolio of iconic brands,” Fisher said. “While the objectives of the separation remain relevant, our board of directors has concluded that the cost and complexity of splitting into two companies, combined with softer business performance, limited our ability to create appropriate value from separation.”