Week in review: Gap, Wells Fargo, Comscore, and more!
Every week we bring you an overview of the most important executive changes from around the world. This week, Art Peck stepped down as Chief Executive Officer of Gap as the company continues to struggle with sluggish sales, and ahead of Gap’s planned spinoff of its Old Navy brand. Read more about this and other notable executive changes:
Gap CEO Art Peck Steps Down from the Company
Gap Inc. announced that CEO Art Peck is stepping down effective immediately. Peck, who has been at the company for nearly 15 years and has served as CEO since 2015, has presided over the company as it continues to struggle with declining sales in a changing retail landscape. He will be succeeded after a brief transition period by interim CEO Robert Fisher, a son of Gap’s founders and currently the company's chairman and a board member. Peck will also vacate his board seat. The announcement comes ahead of Gap’s planned spinoff of its Old Navy line, its top-performing brand, into a separate public company. Gap, Banana Republic and several smaller brands would remain under the current company. The split is expected to be completed in 2020.
Wells Fargo Announces William Daley as Vice Chairman of Public Affairs
Wells Fargo CEO Charlie Scharf named Bill Daley as vice chairman of public affairs at a time when the bank is facing significant regulatory scrutiny and while it is in the process of rebuilding its reputation. Daley, who left Bank of New York Mellon shortly after Scharf’s exit, will report directly to Scharf and marks Scharf’s first significant top-level hire since taking the helm at Wells Fargo in October. Daley’s distinguished career in both the public and private sector includes serving in the White House as Chief of Staff to President Barack Obama and Secretary of Commerce under Bill Clinton. He will have responsibility for areas including government relations, corporate communications, public policy, sustainability, corporate responsibility and philanthropy.
Comscore Names Bill Livek as CEO and Executive Vice Chairman After Tumultuous Year
Comscore Inc., the media measurement and analytics company, has named board Vice Chairman Bill Livek as its chief executive officer and executive vice chairman. Board member Dale Fuller has been serving as interim chief executive after the previous top executives, CEO Bryan Wiener and President Sarah Hofstetter, left in March after less than a year in their roles. Livek joined Comscore in 2016 as the company’s executive vice chairman and president. He was previously CEO at Rentrak which Comscore acquired in 2016. The upheaval in the chief executive position comes upon Comscore’s settlement in September of a Securities and Exchange Commission probe which alleged that the company and a former CEO, Serge Matta, engaged in fraudulent behavior overstating the company’s revenue by $50 million.
CBS Interactive CEO Jim Lanzone to Depart as CBS Prepares to Merge with Viacom
Jim Lanzone, CEO of CBS Interactive, is leaving the company after eight years as CBS prepares to merge with Viacom Inc. Lanzone, who launched CBS All Access and runs the broadcaster’s digital operations, will join the venture capital firm Benchmark as executive-in-residence when his contract expires at the end of the year. He’ll be succeeded in the role of CEO by Marc DeBevoise, CBS Interactive’s current president and chief operating officer. Lanzone, formerly the CEO of Ask.com, joined CBS in 2011 when it acquired his startup, Clicker, an internet TV guide. Under his leadership, the division launched a number of direct-to-consumer streaming services including CBS All Access, CBSN, CBS Sports HQ and ET Live and grew its reach to 190 million monthly unique users according to Comscore.
Papa John’s CFO Joe Smith Leaving as New CEO Shakes Up Top Management
Papa John’s announced that Chief Financial Officer Joe Smith, who has served in the role since April 2018, will leave the company in March 2020 as part of a management shakeup under new CEO Rob Lynch. Lynch, who was previously president of Arby’s Restaurant Group Inc. and became CEO in August, is tasked with turning around the company’s business which has been impacted by negative publicity surrounding racially charged remarks by founder and former CEO John Schnatter. Smith, who has spent nearly 20 years at the company after being promoted to CFO from senior vice president of global sales and development in April 2018, will remain CFO while Papa John’s searches for a replacement.
This year is on its way to becoming a historic one for female-founded and led companies joining the unicorn club achieving valuations of $1 billion or more. These founders are redefining fashion and beauty retail, disrupting the food business and more. You can read more in our article here.
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