boston.com Business your connection to The Boston Globe

Old Navy president to leave as sales sag

Gap Inc., the largest US clothing chain, said yesterday Old Navy president Jenny Ming will leave as head of the company's biggest division after the retailer struggled to turn around declining sales.

Ming, a 19-year Gap veteran who worked 12 years at Old Navy, will leave on Oct. 15, the company said yesterday . The departure was a ``mutual decision" between Ming, 51, and chief executive Paul Pressler, a spokesman said .

Ming is at least the seventh top executive to leave Gap . Sales at all of Gap's stores open at least a year declined in 22 of the past 25 months partly because Old Navy lost customers to discounters .

``Her departure could lead to further executive departures at Old Navy," said CL King & Associates analyst Mark Montagna . ``This could lead to turmoil similar to that experienced at the Gap division the past two years."

Pressler has named top executives, including a new designer, for the Gap brand in the past year.

Shares of Gap, which also owns Banana Republic, fell 28 cents to $17.29 on the New York Stock Exchange.

SEARCH THE ARCHIVES
 
Today (free)
Yesterday (free)
Past 30 days
Last 12 months
 Advanced search / Historic Archives