Dive Brief:
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Gap Inc. announced the appointment of Teri List-Stoll as executive vice president and chief financial officer, effective Jan. 17, 2017.
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List-Stoll, who will report to Gap Inc. CEO Art Peck, will have oversight of the apparel retailer’s global finance function, as well as its loss prevention and corporate administration divisions.
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List-Stoll previously tenured as executive vice president and chief financial officer for Dick’s Sporting Goods. Her background also includes stints as CFO for Kraft Foods Group and senior vice president and treasurer at Procter & Gamble.
Dive Insight:
List-Stoll will succeed Sabrina Simmons, whose imminent departure was announced on Nov. 2. Once List-Stoll joins in mid-January, Simmons will shift into an advisory role through the end of Gap’s fiscal year.
Gap has been struggling to make good on its turnaround plans, and its failure to gain traction has vexed CEO Peck, who suggested that his two years at the helm mark the end of a “period of transition” and an appropriate time for Simmons’ departure. “As we remain focused on accelerating our transformation, Teri’s expertise will help us drive our long-term financial objectives and continue our commitment to long-term shareholder value,” CEO Peck said in a statement.
In September, Peck seemed exasperated by what he characterized as a dearth of fashion trends that leave consumers disinterested in accumulating new clothes and retailers at a loss for what to offer. It's a stunning fall from grace for a once-iconic American street fashion retailer used to be top of mind for shoppers: These days, Gap is closing stores, emphasizing off-price outlets and losing sales.
Last week, Gap reported its October and third quarter sales results, blaming a massive fire at its Fishkill, NY distribution center for wreaking havoc on its bottom line. Same-store sales across the organization fell 1% last month, with 3 percentage points of the decline attributable to the August fire. Net sales fell to $3.8 billion from $3.86 billion in the year-ago quarter.
