Gap's Old Navy pres. leaves for education company
Published: Jan. 19, 2012 at 5:30 p.m. ET
Joan E. Solsman
Gap Inc. GPS, -0.87% said the leader of its Old Navy discount brand is departing to work at a privately held early-childhood education company.
His decision to leave the casual-apparel retailer comes after Gap shook up management last year, including ousting its top designer, as part of a turn-around plan.
After Tom Wyatt departs, effective Feb. 3, to become the chief executive of Knowledge Universe United States, Gap plans for two Old Navy veterans--division Chief Creative Officer Nancy Green and Tom Sands, executive vice president of stores and operations for Old Navy--to lead Old Navy in the interim.
It will conduct a formal search for a permanent president of Old Navy.
Wyatt, 56, joined Gap in 2006 and had led Old Navy since August 2008.
The company said Green has more than 19 years of experience within Gap, having started as a merchandise trainee in 1986. Sands will take on additional operational functions within the brand. Sands has held senior operations roles within Gap, having previously worked at Target Corp. (TGT).
Lately, Gap's earnings have been sliding, although its bottom lines have been exceeding guidance after several key trend misses in recent years. In October, the retailer said it would shut 21% of its namesake North American stores over the next two years, coming to terms with the overextension of its store network before the recession and predictions that U.S. growth will be slow.
Shares were down 1.3% at $19.12 after hours.
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