Gap Inc. replaced Gap North America president Cynthia Harriss with 20-year company veteran Marka Hansen, the first senior executive change since Chief Executive Officer Paul Pressler resigned two weeks ago.
Hansen, 53, is the president of the largest U.S. clothing chain's Banana Republic unit and takes over immediately from Harriss, who resigned, the San Francisco-based company said in a statement. Hansen will report to interim Chief Executive Officer Robert Fisher.
Pressler failed to revive flagging sales at the Gap and Old Navy chains, losing market share to discounters and teen retailers including American Eagle Outfitters Inc. and Abercrombie & Fitch Co. Four other Gap executives left this year before Pressler's departure.
``This is probably the first of other resignations at Gap,'' said Mark Montagna, an analyst at CL King & Associates in New York. ``This is also the beginning of hunkering down and focusing on turning the company around.''
Gap spokesman Greg Rossiter said Harriss and Hansen weren't available for interviews. Fisher also wasn't available to comment. Harriss didn't immediately return a voicemail left on her work line and a call to Hansen's office was referred to Rossiter.