Children's retail chain Gymboree's Board of Directors has replaced current CEO Lisa Harper with the company's president Matthew McCauley as part of an executive shake-up.

Current CEO and chair of the board Harper has been named to the newly created position of chief creative officer and will continue as chairman.

Matthew McCauley, currently serving as President, has been promoted to CEO, with senior vice president of merchandising Kip Garcia being promoted to the position of president.
Lisa Harper joined Gymboree in January 1999 as vice president of design and has served as CEO since February 2001 and chairman of the board since June 2002.

Harper said: "I am excited to have the opportunity to focus on product and brand development while remaining actively involved in the management of the company. Senior management represent an incredibly talented team and are well positioned to lead the Company through its next phase of growth."
McCauley joined Gymboree in July 2001 as director of allocation and was promoted to president in June 2005.

He formerly held various positions at Gap and Payless ShoeSource. Kip Garcia joined Gymboree in May 2004 after holding various senior merchandise management positions, also at Gap.
McCauley said: "I am honoured and excited to expand my role in the company. Lisa has been an outstanding partner and mentor. I look forward to her continued support in the future."