List-Stoll will succeed Simmons as executive vice president and chief financial officer (CFO), effective 17 January

List-Stoll will succeed Simmons as executive vice president and chief financial officer (CFO), effective 17 January

Struggling US speciality retailer Gap Inc has named former Dick's Sporting Goods executive, Teri List-Stoll, as its new finance chief, following the news Sabrina Simmons is to leave the company next year.

List-Stoll will succeed Simmons as executive vice president and chief financial officer, effective 17 January. She will report to Gap CEO, Art Peck, and serve on the company's senior leadership team.

"Teri is a seasoned finance leader with more than three decades experience, including top leadership positions at global consumer goods companies," says Peck. "As we remain focused on accelerating our transformation, Teri's expertise will help us drive our long-term financial objectives and continue our commitment to long-term shareholder value."

In her new role, List-Stoll will have oversight of the company's global finance function, as well as loss prevention and corporate administration divisions.

Once List-Stoll officially joins Gap, Simmons, who's departure was announced earlier this month, will shift into an advisory role through the end of the company's fiscal year.

Gap finance chief Simmons to step down

"I have tremendous respect for the brands in Gap Inc's global portfolio, and I am excited to join the company during a time of transformative change," says List-Stoll. "I look forward to continuing Gap's commitment to a strong balance sheet and operating discipline and supporting the company's long-term growth strategy."

Most recently, List-Stoll served as executive vice president and CFO for US apparel retailer Dick's Sporting Goods, Inc. Prior to this, she has held a number of senior finance roles, including CFO for Kraft Foods Group, Inc.

She also spent almost two decades growing her career at The Procter & Gamble Company, where she ultimately served as senior vice president and treasurer. She began her career at Deloitte & Touche.

Last month, Gap revealed it is to shutter all eight of its Banana Republic stores in the UK, as part of previously announced plans to close 75 Old Navy and Banana Republic stores outside North America in a bid to reposition itself for long-term growth. During the first quarter, comparable sales at Banana Republic tumbled 11%.

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