Gap brand CEO stepping down

Gap Inc. said Tuesday that the president and CEO of its clothing brand, Jeff Kirwan, will be stepping down. Current executive vice president and head of global talent and sustainabiliy, Brent Hyder, will replace Kirwan while the retailer looks for a new president.

Why it matters: In a press release, Gap Inc. CEO Art Peck said "we have not achieved the operational excellence and accelerated profit growth that we know is possible at Gap brand."

Full statement.