Pressler Ax'ed Again

[ClemsonTigger]

Looks like after being part of the problem at Disney, Pressler is no longer considered one of the golden boys:

http://www.usatoday.com/money/industries/retail/2007-01-22-gap-ceo-resigns_x.htm

Gap (GPS) and CEO Paul Pressler "mutually agreed" he would resign from the struggling apparel chain Monday and be replaced by a son of the company founder.

Pressler, the former chairman of Disney's parks and resorts business, has had an uncertain future at Gap as sales continued a downward spiral despite an aggressive new ad campaign for the Gap stores last year.

but don't worry...I don't think he'll starve right away....

Despite his sudden departure, Pressler will not leave Gap Inc. empty-handed. Under terms of his contract, he could receive up to $14 million in the next two years, provided he remains unemployed.

Sales were down 9% in December for Gap, after being down 10% in December 2005. Old Navy sales were down 10% last month.

I gotta get a job with that kind of compensation schedule!

 

[Master Yoda]

14 million just for not working for 2 years....Now that is a job I could really enjoy.

 

[SirNim]

14 million just for not working for 2 years....Now that is a job I could really enjoy.

Well hey, he's worth it. After all, how many geniuses are there in American business?

Ha?

 

[maelstrom]

Well he'll probably remain unemployed for the next two years (and beyond) seeing as he drove down the last two companies he headed.

 

[ClemsonTigger]

I'm also a bit surprised at the number of business lackies that followed him over.