Published • loading... • Updated
Gap announces new Old Navy CEO following sluggish quarterly sales
Michael Francis will take over as Old Navy CEO as Gap seeks to reverse a 4% sales decline and improve traffic at the brand.
- On Thursday, Gap Inc. announced Michael Francis will become Old Navy CEO effective Nov. 2, replacing current CEO Haio Barbeito, who transitions to an advisory role.
- Old Navy reported a 4% year-over-year decline in net sales, with executives citing an "unanticipated slowdown in traffic" as the primary factor behind the brand's disappointing performance.
- The namesake Gap banner saw comparable sales soar 10%, while Athleta's comparable sales sank 12% and Banana Republic rose 3%, showing uneven performance across Gap's portfolio.
- Gap CEO Richard Dickson described the move as "a planned and thoughtful transition," emphasizing there is "not a change in strategy" for Old Navy's transformation.
- Despite the Old Navy lag, Gap narrowed its full-year net sales growth outlook to 1%–1.5%, though the company continues to see a "resilient but discerning" consumer.
Insights by Ground AI
6 Articles
6 Articles
Gap Replaces Old Navy CEO After Bigger-Than-Expected Sales Drop
·New York, United States
Read Full Article
Gap Inc. Announces Leadership Transition at Old Navy
SAN FRANCISCO, Aug. 27, 2026 /PRNewswire/ -- Gap Inc. (NYSE: GAP) today announced the appointment of Michael Francis as President and Chief Executive Officer of Old Navy, effective November 2, 2026. Francis will succeed Haio Barbeito, who will transition from…
·Pennsylvania, United States
Read Full Article
Coverage Details
Total News Sources6
Leaning Left1Leaning Right0Center5Last UpdatedBias Distribution83% Center
Bias Distribution
- 83% of the sources are Center
83% Center
L 17%
C 83%
Factuality
To view factuality data please Upgrade to Premium
