Pressler Resigns as Gap CEO Amid Continued Sales Slump

Pressler Resigns as Gap CEO Amid Continued Sales Slump -...

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“Pressler Resigns as Gap CEO Amid Continued Sales Slump” Gap one of the famous stories for its break through because it offered an alternative to department stores. Gap was going over their month endings and they decided that they needed to respond to its sliding sales and falling profits. Chief executive Paul Pressler and Gap Inc. mutually agreed that he should step down from the CEO position, as well as resign from his seat on the board of the San Francisco-based apparel retailer. 50 year old, Paul Pressler, will be replaced by Robert J Fisher, a 52-year-old nonexecutive chairman and son of Gap founder Donald Fischer, until they find a replacement. Gap has cut its earning forecast for
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Unformatted text preview: the fiscal year and this is the third time in six months. Gaps shares of stock have been dropping and just dropped 10 cents to $19.90. Many industry observers say that Gap is going to have to close hundreds of their stores to help with their sales and revenues. This may be Gaps big break through its sliding sales and falling profits. I feel that this is what Gap needs because of the long existence of Paul Pressler in the company. With a new executive on the board there will be new ideas and Gaps turn around. In conclusion, Paul Pressler and Gap Inc. made a smart move in letting Mr. Pressler go because new management is what the company needs....
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