President Of Gap Unit Banana Republic To Leave The Company

By Tonya Garcia Markets MarketWatch Pulse

Gap Inc. said Tuesday that Andi Owen, global brand president for Banana Republic, will leave the company in late February. Gap's brands include its namesake, Banana Republic and Old Navy. Owen joined Gap Inc. in 1991. Gap Inc. Chief Executive Art Peck will oversee the brand while the search for a new president is conducted. Banana Republic has struggled with same-store sales declines, with the brand reporting a 7% decline for the month of December. Gap shares are down 0.3% in Tuesday after-hours trading, but up 2.2% for the last year. The S&P 500 index is up 19.6% for the past 12 months.

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