Gap names Mattel executive Richard Dickson as new CEO
Gap portfolio includes Old Navy, Gap, Banana Republic. Athleta
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Gap Inc. on Wednesday announced that it's appointed Mattel executive Richard Dickson to become its next CEO.
Dickson, the chief operating officer at Mattel, will replace interim CEO Bob Martin on Aug. 22. He will be tasked with overseeing the global portfolio that includes Old Navy, Gap, Banana Republic and Athleta.
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"Richard has invaluable expertise in areas critical to the work Gap Inc. is doing to strengthen the company for the long term," lead independent director Mayo A. Shattuck III said.
Portrait of Richard Dickson, President and COO of Mattel, Inc, during a press conference at the United Nations headquarters in New York City, New York, September 7, 2018. (EuropaNewswire/Gado/Getty Images / Getty Images)
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Dickson led Mattel's portfolio of global brands including overseeing innovation strategy, design and development, brand marketing and franchise management.
Under Dickson, Mattel developed and launched the Mattel Playbook which has "been instrumental in growing Mattel’s power brands and accelerating Mattel’s transformation," according to Gap.
Dickson was the former CEO of branded businesses for The Jones Group and served as an executive at Bloomingdale’s. He also co-founded Gloss.com, the first online retailer dedicated to high-end cosmetics, according to Gap.
Clothing is displayed for sale in a Gap clothing retail store in Manhattan, New York, on May 13, 2016. REUTERS/Mike Segar (REUTERS/Mike Segar / Reuters Photos)
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Martin will stay on as board chair, the company said.
Martin – an industry veteran and former executive chairman of Gap – was temporarily leading the struggling San Francisco-based retailer after former CEO Sonia Syngal stepped down last July amid falling sales.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GPS | GAP INC. | 21.36 | +1.14 | +5.61% |
| MAT | MATTEL INC. | 18.36 | -0.11 | -0.60% |
The company had been facing a sales slump for years despite numerous efforts to turn around the business. The COVID-19 pandemic and surging supply chain costs only exacerbated financial conditions in addition to other disruptions.
Since last fall, Gap has laid off 2,300 corporate jobs in two separate rounds of cuts in order to lower costs and weather the economy as a more nimble company.
The Associated Press contributed to the report.