Gap takes leave of Pressler

Struggling retail giant Gap has sent its president and chief executive Paul Pressler packing after four and a half years of dismal results. Robert J. Fischer, Gap chairman and son of its founder, will take over as chief executive and president until a replacement is found. A subcommittee consisting of independent parties such as former Gucci chief executive Domenico De Sole, has been formed to search for a new company president. Any speculation regarding a possible sale of Gap was countered by those close to the company. "Right now, they're looking for someone who can turn it around," a source told WWD. "The Fischers absolutely don't want to sell."

Pressler, who earns $1.5 million a year excluding bonuses, made a promising start at Gap, where he reduced costs, reduced debt and famously launched the company's fourth brand, Forth & Towne. However, his lack of fashion experience - he is a former executive for Walt Disney - and insufficient merchandising know-how led to a stream of disappointments and falling sales. The company said in a statement that Pressler's departure was a mutual decision. "I have enjoyed the opportunity to lead this iconic company over the past four years," he said in a statement. "It has been a pleasure to work with the management team and such talented people throughout the organization. Gap Inc. is a company with tremendous potential and I wish all the employees much success in the years ahead."