(Reuters) – Gap Inc (N:GPS) said on Tuesday that Jeff Kirwan, president and chief executive of its eponymous brand will leave the apparel retailer, pushing its shares down 5 percent.
The news comes just over a week before Gap is scheduled to announce fourth-quarter results. The company, in November, raised its 2017 earnings and same-store sales forecasts, likely reflecting higher sales in the key holiday quarter.
The company, however, has witnessed declining sales, hurt by changing consumer habits as they adapt to online shopping. It has tried to tackle this by spending more to refresh underperforming lines, spruce up online offerings and bring new styles quicker to its Old Navy and Athleta stores.
Brent Hyder, head of global talent and sustainability at Gap, will oversee the brand as the retailer looks for new president, the company said in a statement on Tuesday.