USA: Gap Loses Another Executive
Schultz's departure comes just one month after Jim Nevins, Gap's marketing chief, also left the company. Other executives to leave the struggling retailer this year include: Jeanne Jackson, head of Banana Republic and Gap Online; John Wilson, COO; Chuck Ferer, senior financial officer for the Old Navy division; and Steve Pearson, senior VP of business development.
Commenting on Schultz's decision to leave the company, Millard Drexler, Gap's president and CEO, said: "For the past 13 years, Lisa has been an important part of the team that helped build Gap brand product. I respect her decision and wish her well."
The company today named Jerome M. Jessup Schultz's replacement. Jessup was previously head of product design and development for the company's Banana Republic brand.
In his new position, Jessup will lead all Gap brand apparel and accessories product development worldwide, reporting to Millard Drexler. Jessup joined Gap in 1993 as vice president of Product Design for Banana Republic. He was promoted to senior vice president, Product Development, in 1997, and was named executive vice president for Product Design and Development in 1998.
"Jerome's creative talent and leadership will strengthen product development for Gap brand," Drexler said. "He combines strong creative vision with an ability to motivate a team and strategically manage the product development process."
A search is being launched for Jessup's successor at Banana Republic. The company expressed its confidence in the ability of Banana Republic's senior design team to lead product development until the search is complete. "The strength and depth of the product development team at Banana Republic is a testament to Jerome's management and leadership," Drexler said.
Gap is an international specialty retailer offering clothing, accessories and personal care products for men, women, children and babies under the Gap, Banana Republic and Old Navy brand names. Gap Inc operates more than 3,400 stores in the United States, the United Kingdom, Canada, France, Japan and Germany with 1999 sales exceeding $11.6bn. In the United States, customers also may shop the company's Online Stores at gap.com, BananaRepublic.com and oldnavy.com.
Companies: Gap Inc
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