Gap’s Old Navy spinoff still on despite CEO departure

A spinoff of Old Navy from parent company Gap is still in the works despite Art Peck, Gap’s chief executive officer, announcing that he would step down from the retailer.

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As of now, the split, which would make Old Navy a standalone company, is set for 2020.

Ticker	Security	Last	Change	Change %
GPS	GAP, INC.	22.71	+0.20	+0.89%

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Old Navy said in an investor presentation last month that it intends to double its stores in North America, aiming to reach 2,000. It’s hoping to distinguish its apparel brand, which currently ranks second to Target, and create a strong identity for itself with the split.

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The clothing store projects a potential $2 billion-plus increase in annual sales. Gap’s stock is down 35 percent on the year and nearly 40 percent year-to-date.