Gap Brand CEO Jeff Kirwan to leave retailer

Gap Inc said on Tuesday that Jeff Kirwan, president and chief executive of its eponymous brand, will leave the apparel retailer.

“Under Jeff’s leadership we made significant progress on the operating model of Gap brand," said Art Peck, chief executive officer of Gap Inc. "We are faster and more responsive than ever before, we radically improved quality and fit, and we centered the brand on the aesthetic that our customers love: casual, optimistic and American. We have also seen the results of exceptional marketing and customer engagement reflected in increased traffic, improved sales and the strength of the digital business.

“While I am pleased with our progress in brand health and product quality, we have not achieved the operational excellence and accelerated profit growth that we know is possible at Gap brand. As we move into the brand’s next phase of development, Jeff and I agreed it was an appropriate time for a change in leadership,” Peck added.

Gap shares were down 6.5 percent in premarket trading.

Brent Hyder, current Gap executive vice president, head of global talent and sustainability, will oversee the brand as the retailer looks for new president.