Gap said Monday that its president and chief executive officer, Paul Pressler, will step down from his post and the board effective immediately. Robert J. Fisher, the company's current non-executive chairman of the board, will also serve as president and chief executive officer on an interim basis, effective immediately. Investors have been speculating for several months about whether Gap might oust Pressler or consider takeover offers in response to the clothing retailer's second prolonged sales slump in the past six years. The latest funk began in the spring of , prompting repeated promises of a turnaround.
Gap CEO Paul Pressler steps down | Reuters
Paul was then hired as an urban planner in New York City. After six months in that job, he wanted to move on. Through a search firm, he selected a job at Remco Toys. In , he was hired as vice president of design and marketing for Kenner -Parker Toys. The unit Pressler was in was discontinued in as it was duplicate of the major Kenner and Parker Bros. He thus took the product licensing post there in
Gap president, CEO to leave company
Gap pointedly said in its announcement that it would seek somebody with deep retailing and merchandising experience in place of Pressler, who was hired away in after a long career running theme parks for Walt Disney Co. The company said Pressler stepped down after the two sides "mutually agreed" on his departure. Investors have been speculating for nearly two years that Pressler would leave the company before his contract expired this fall because of a long string of declining sales and profits. See full story. Same-store sales, the industry's key growth measure, have tumbled at Gap in 29 of the last 31 months, or five of the last seven years.
Shea said he plans to include those who agree to be named in a disclosure document listing people with knowledge of facts relevant to the case. He said he met Rollins as a teenager when he began attending First Baptist Church, where Pressler held volunteer leadership roles. The suit alleges that Pressler enrolled Rollins in Bible study and began molesting and raping him in his master bedroom study.