Gap Inc. Announces Change In International Division
Andrew Rolfe Departs the Company.
SAN FRANCISCO − February 10, 2006 − Gap Inc. (NYSE: GPS) has announced that Andrew Rolfe, the president of the company’s International division, has decided to leave the company effective February 17.
“Now that we have built a strong, more decentralized International organization, Andrew feels it’s the appropriate time for him to take on new challenges,” said Paul Pressler, president and CEO of Gap Inc. “I want to thank Andrew for his many contributions.”
Since 2004, the International division has shifted to a new business model moving key functions, such as merchandising and marketing, into local markets and building a dedicated International product design and development team. The unit also has successfully launched Banana Republic in Japan and established an International franchise business.
“We’ve made tremendous progress in building our international infrastructure over the past two years,” said Pressler. “International expansion continues to be a key component of our company’s long-term growth strategies.”
Mr. Rolfe, 39, has accepted a senior position with TowerBrook Capital Partners, L.P., a private equity firm.
The company does not intend to replace Mr. Rolfe. Business units in Europe and Japan will report to Mr. Pressler.
About Gap Inc.
Gap Inc. is a leading international specialty retailer offering clothing, accessories and personal care products for men, women, children and babies under the Gap, Banana Republic, Old Navy and Forth & Towne brand names. Fiscal 2004 sales were $16.3 billion. Gap Inc. operates about 3,000 stores in the United States, the United Kingdom, Canada, France and Japan. For more information, please visit gapinc.com.
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