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[REUTERS]
Gap replaces CFO Kunz with former Disney executive
Reuters, 01.19.03, 1:45 PM ET
SAN FRANCISCO (Reuters) - Gap Inc. on Saturday replaced Chief Financial Officer Heidi Kunz with former Walt Disney Co. executive Byron Pollitt, who follows new Chief Executive and fellow Disney veteran Paul Pressler to the clothing retailer.
Pollitt, 51, worked for Pressler at Disney's Walt Disney Parks and Resorts unit, where Pollitt held the top financial post.
"We've worked together for many years, and I'm extremely excited to have Byron as a member of my leadership team at Gap Inc.," Pressler said.
Pressler arrived at Gap from Disney in September, when he replaced longtime CEO and merchandising legend Mickey Drexler.
Gap, which is rebounding from a two-year slump, did not immediately give an explanation for Kunz's resignation.
Kunz helped lead the company between Drexler's resignation in May and Pressler's nomination. Since she assumed the CFO post in 1999, Kunz has regularly been on the forefront of Gap's communication with investors and media on financial matters.
Pressler is also expected to bring in a head for Gap's international division.
For December, Gap posted its third straight month of same-store sales growth following 29 consecutive months of decline.
The largest U.S. specialty apparel retailer, which operates nearly 4,300 Gap, Banana Republic and Old Navy stores, has been overhauling its brand to avoid the trendy offerings that had slowed sales over the past two years.
The company is instead focusing on the basic clothes for which the Gap brand is famous, such as jeans, classic coats and knit tops in popular colors. Banana Republic has become more distinctly positioned as the higher-priced, more upscale brand as its stores have been pushing luxurious fabrics like cashmere, leather and suede.
"I thank Heidi for her many contributions as CFO during a challenging period for the company," Pressler said.
Copyright 2003, Reuters News Service
Gap replaces CFO Kunz with former Disney executive
Reuters, 01.19.03, 1:45 PM ET
SAN FRANCISCO (Reuters) - Gap Inc. on Saturday replaced Chief Financial Officer Heidi Kunz with former Walt Disney Co. executive Byron Pollitt, who follows new Chief Executive and fellow Disney veteran Paul Pressler to the clothing retailer.
Pollitt, 51, worked for Pressler at Disney's Walt Disney Parks and Resorts unit, where Pollitt held the top financial post.
"We've worked together for many years, and I'm extremely excited to have Byron as a member of my leadership team at Gap Inc.," Pressler said.
Pressler arrived at Gap from Disney in September, when he replaced longtime CEO and merchandising legend Mickey Drexler.
Gap, which is rebounding from a two-year slump, did not immediately give an explanation for Kunz's resignation.
Kunz helped lead the company between Drexler's resignation in May and Pressler's nomination. Since she assumed the CFO post in 1999, Kunz has regularly been on the forefront of Gap's communication with investors and media on financial matters.
Pressler is also expected to bring in a head for Gap's international division.
For December, Gap posted its third straight month of same-store sales growth following 29 consecutive months of decline.
The largest U.S. specialty apparel retailer, which operates nearly 4,300 Gap, Banana Republic and Old Navy stores, has been overhauling its brand to avoid the trendy offerings that had slowed sales over the past two years.
The company is instead focusing on the basic clothes for which the Gap brand is famous, such as jeans, classic coats and knit tops in popular colors. Banana Republic has become more distinctly positioned as the higher-priced, more upscale brand as its stores have been pushing luxurious fabrics like cashmere, leather and suede.
"I thank Heidi for her many contributions as CFO during a challenging period for the company," Pressler said.
Copyright 2003, Reuters News Service
