GoKawiilGap names Michael Francis new Old Navy CEO as shares jump 16%
Gap Inc. announced that customer chief Michael Francis will replace Haio Barbeito as Old Navy's CEO starting in November, part of an ongoing effort to revive the struggling brand. The announcement came alongside Gap's mixed second-quarter results, which beat earnings estimates but missed on revenue, sending shares up more than 16% in after-hours trading.
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Old Navy has long been Gap's most troubled division despite being its largest revenue driver, so a leadership change signals renewed urgency to fix sagging sales. Investors' strong reaction suggests confidence that new management combined with steady earnings could stabilize the broader Gap portfolio.
- Michael Francis takes over as Old Navy CEO in November, succeeding Haio Barbeito.
- Gap's Q2 earnings beat expectations at 52 cents per share, though revenue of $3.65 billion fell short.
- Gap shares surged over 16% after-hours following the leadership and earnings news.
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Published there as: “Warsh speaks from Wyoming, Old Navy's new CEO, how Taylor Farms became so massive and more in Morning Squawk”
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