Business

Gap replaces old Navy leader and cuts first-quarter guidance

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Gap Inc. is replacing the head of its Old Navy business and lowering its guidance for the first quarter as increasing competition from low-cost rivals forces the value brand to pump more.

Gap said Thursday Old Navy President and Chief Executive Officer Nancy Green will be leaving the company this week and an outside search is underway. Gap CEO Sonia Syngal will work with the Old Navy team until a new brand president is found, the company said.

https://www.wsj.com/articles/gap-replaces-old-navy-leader-cuts-first-quarter-guidance-11650575989?mod=pls_whats_news_us_business_f Gap replaces old Navy leader and cuts first-quarter guidance

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