Paul Pressler steps down as the CEO of GAP

Retailing company GAP has said in a statement that their Chief Executive Paul Pressler has resigned from his position in the company.

He is leaving the company after facing more than two years of weak sales. Market analysts believe that he also failed to revive the struggling clothing brand.

Investors have said that the company could now consider selling itself to another company. They are also recommending that the company should at least unload some divisions.

GAP added that the company’s non-executive chairman Robert Fisher would now serve as the interim CEO of the company.

Shawn Kravetz, president of Esplanade Capital spoke on GAP in a report: “The stock is pricing in either a very solid turnaround or a sale of the company. The former is a lot of work, and the latter is not likely to happen. Given the lead time on new seasons, new collections, etcetera, any reasonable person would want to give that CEO a year to start seeing some results. For a true bona fide turnaround, that would take at least a year under the best leadership.”

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