Old Navy president and chief executive steps down
Gap Inc has announced that the president and chief executive of its Old Navy brand will leave the business this week.
Nancy Green has headed up Old Navy since 2020, but has worked in various roles at Gap since 2009 and also for many years earlier in her career.
In a statement, Gap said now was the time to appoint a new leader for the brand.
Gap Inc chief executive Sonia Syngal explained: “We believe in the power and potential of the Old Navy brand and the contribution it will have as we execute our Power Plan strategy and drive value creation at Gap Inc.
“As we look to seize Old Navy’s potential, particularly amidst the macro-economic dynamics facing our industry, we believe now is the right time to bring in a new leader with the operational rigor and creative vision to execute on the brand’s unique value proposition.
“I want to thank Nancy Green for her decades of leadership and passion for our brands and customers, as well as the communities we serve.”
The company has already started an external search for Green’s successor. Until an appointment is made, Syngal will be working closely with the Old Navy team through the transition period.
In light of the macro-economic dynamics and challenges at Old Navy, Gap has also updated its first quarter net sales growth guidance to approximately low to mid-teens year-on-year declines from its prior guidance of mid to high single digit year-on-year declines.
In addition, the company has taken a more aggressive approach to assortment balancing which has led to increased promotional levels, particularly at Old Navy.
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