Gap Brand CEO Stepping Down

Company trying to tackle muted sales, a shift in consumer preference to online shopping

Image Credits: Mike Mozart, Flickr.

Gap Inc. said on Tuesday it was disappointed with the progress at turning around the fortunes of its eponymous brand and that the head of the business, Jeff Kirwan, was leaving.

The surprise move comes just over a week before the apparel retailer is to announce fourth-quarter results.

Gap shares were down 3.2 percent in mid-day trading, easing from a decline of as much as 7.6 percent.

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