Gap Appoints Hasbro CEO Brian Goldner to Its Board -- Update
12 August 2016 - 9:47AM
Dow Jones News
By Maria Armental
Gap Inc., under pressure to turn around operations amid a
prolonged sales slump, on Thursday said it was adding Hasbro Inc.
Chief Executive Brian D. Goldner to its board.
"His leadership has enabled Hasbro to emerge as one of the most
profitable and forward-thinking companies in the toy and game
industry," Gap board chairman Robert J. Fisher said in a news
release. The San Francisco retailer said it hoped to use Mr.
Goldner's drive for innovation as it focused on its "next era of
retail."
The 53-year-old Mr. Goldner, whose appointment becomes effective
Friday and expands Gap's board to 11 members, will join the board's
compensation and management development committee.
As part of his appointment, Mr. Goldner will receive Gap stock
with an initial aggregate value of about $140,000, according to a
regulatory filing.
Gap, which has lost ground to so-called fast fashion retailers,
has been trying to speed up a sales turnaround. In May, when it
reported its fifth straight quarter of lower revenue and profit,
the retailer said it would close about 75 stores as part of a
restructuring effort that targets $275 million in savings a
year.
Monday, the retailer said second-quarter profit and sales would
again be lower than the year-ago period, but projected adjusted
profit ahead of analysts' projections and said its strategy was
showing progress and it had seen signs of improvement in its larger
brands.
Shares, up 1% this year, edged up 0.5% to $25.11 in after-hours
trading.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
August 11, 2016 19:32 ET (23:32 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Gap (NYSE:GPS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Gap (NYSE:GPS)
Historical Stock Chart
From Jul 2023 to Jul 2024