Gap Shares Slump To 52-week Low After Losing Old Navy Executive

Shares of Gap Inc. slumped Wednesday to a 52-week low following news that Stefan Larsson, president of Gap's Old Navy business, is moving to Ralph Lauren Corp. . Gap named Jill Stanton, executive vice president of global product at Old Navy, as interim president while the clothing company seeks a replacement. Larsson's exit triggered several downgrades from analysts who viewed the development as a blow for the company. Gap shares sank 6.3% to $28.31, recovering from a low of $27.53 earlier. Shares of Ralph Lauren, meanwhile, surged 13% to $117.52.