Gap Inc. CEO resigns in strategic review

SAN FRANCISCO, Jan. 22 (UPI) -- Gap Inc. President and Chief Executive Paul Pressler stepped down by mutual agreement with the board, the company said Monday.

Gap Chairman Robert Fisher assumed Pressler's duties while a search for a permanent replacement gets under way. Pressler also resigned his seat on the company's board.

Gap, the largest U.S. clothing chain in revenues, had a disastrous holiday season and said this month it was reviewing its Gap and Old Navy strategies and would report on the review no later than March 1.

Its upscale Banana Republic chain stabilized recently, but makes up the smallest part of the retailer's sales.

The company stressed it would search for a new chief executive "who has deep retailing and merchandising experience ideally in apparel."

Before joining Gap, Pressler spent 15 years with the Walt Disney Co., including stints as chairman of Walt Disney Parks and Resorts, president of Disneyland and president of the Disney Store chain.

Fisher started with the Gap as a store manager in 1980 and worked his way up through the company's merchandising and executive ranks. He joined the board in 1990.