Despite Shakeup, Gap Forges Ahead with Old Navy Spinoff
Following the ouster of CEO Art Peck, Gap is facing its next big initiative head-on: the spinoff of Old Navy. According to Interim CEO Robert Fisher, the move still makes sense. The spinoff will enable the two companies to focus more on their different customer bases, improve their operating efficiency, and allow Old Navy and Gap to pursue their unique growth opportunities.
Gap Inc. is committed to the spinoff of the Old Navy brands, according to Interim Chief Executive Robert Fisher, who gave three reasons it’s the best move for the struggling specialty retailer.