Gap CFO Kunz Resigns; Disney's Pollitt to Replace Her
By Jeffrey Tomich
01/18 17:16
San Francisco (Bloomberg) -- Gap Inc., the largest U.S. clothing retailer, said Chief Financial Officer Heidi Kunz resigned and will be replaced by Byron Pollitt, who like the company's new chief executive officer, comes from Walt Disney Co.
Gap, the owner of Gap, Banana Republic and Old Navy stores, didn't give a reason for the departure of Kunz, who had been with the company since July 1999. Pollitt, 51, was CFO and executive vice president for Walt Disney Parks and Resorts, which was led by Paul Pressler until he left to join as Gap President and CEO.
Pollitt is the first Disney official Pressler has hired at Gap since he took the helm in September. The new CEO is trying to change Gap's management and culture as the retailer emerges from a two-year slump in sales and profit caused partly a by fashion mistakes under former CEO Millard Drexler's watch, analysts said.
``The performance of the company left much to be desired the past few years, and like it or not, Kunz was identified with it,'' said Kurt Barnard, president of Barnard's Retail Consulting Group, who has followed the retail industry for more than 45 years.
``It's not unexpected that as a replacement, Pressler should choose someone he knows.''
Eight Years With Pressler
Pollitt, who will be responsible for corporate finance, strategy and information technology, wasn't available for comment, said Gap spokesman Alan Marks. He spent 12 years at Disney, and worked with Pressler for eight. Pollitt was a management consultant at McKinsey & Co. before he joined Disney.
Gap, based in San Francisco, in 2001 posted its first loss since at least 1987.
Before joining Gap, Kunz was CFO at ITT Industries Inc. and treasurer of General Motor Corp. of Canada. She is on the board of Agilent Technologies Inc.
Shares of Gap fell 18 cents to $14.82 yesterday in the New York Stock Exchange trading. The stock is up 3.8 percent in the past year.
By Jeffrey Tomich
01/18 17:16
San Francisco (Bloomberg) -- Gap Inc., the largest U.S. clothing retailer, said Chief Financial Officer Heidi Kunz resigned and will be replaced by Byron Pollitt, who like the company's new chief executive officer, comes from Walt Disney Co.
Gap, the owner of Gap, Banana Republic and Old Navy stores, didn't give a reason for the departure of Kunz, who had been with the company since July 1999. Pollitt, 51, was CFO and executive vice president for Walt Disney Parks and Resorts, which was led by Paul Pressler until he left to join as Gap President and CEO.
Pollitt is the first Disney official Pressler has hired at Gap since he took the helm in September. The new CEO is trying to change Gap's management and culture as the retailer emerges from a two-year slump in sales and profit caused partly a by fashion mistakes under former CEO Millard Drexler's watch, analysts said.
``The performance of the company left much to be desired the past few years, and like it or not, Kunz was identified with it,'' said Kurt Barnard, president of Barnard's Retail Consulting Group, who has followed the retail industry for more than 45 years.
``It's not unexpected that as a replacement, Pressler should choose someone he knows.''
Eight Years With Pressler
Pollitt, who will be responsible for corporate finance, strategy and information technology, wasn't available for comment, said Gap spokesman Alan Marks. He spent 12 years at Disney, and worked with Pressler for eight. Pollitt was a management consultant at McKinsey & Co. before he joined Disney.
Gap, based in San Francisco, in 2001 posted its first loss since at least 1987.
Before joining Gap, Kunz was CFO at ITT Industries Inc. and treasurer of General Motor Corp. of Canada. She is on the board of Agilent Technologies Inc.
Shares of Gap fell 18 cents to $14.82 yesterday in the New York Stock Exchange trading. The stock is up 3.8 percent in the past year.