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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."

Gap brand CEO stepping down

He will be replaced in the interim by EVP Brent Hyder.

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Retail

Gap Inc. <a class="gtmContentClick" data-vars-link-text="said Tuesday" data-vars-click-url="http://www.gapinc.com/content/gapinc/html/media/pressrelease/2018/med_pr_022018_gap_president.html" data-vars-content-id="f26f16ea-eb24-4380-a1b1-d170ddb47883" data-vars-headline="Gap brand CEO stepping down" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="http://www.gapinc.com/content/gapinc/html/media/pressrelease/2018/med_pr_022018_gap_president.html" target="_blank">said Tuesday</a> 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 &quot;we have not achieved the operational excellence and accelerated profit growth that we know is possible at Gap brand.&quot;<a class="gtmContentClick" data-vars-link-text="Full statement." data-vars-click-url="http://www.gapinc.com/content/gapinc/html/media/pressrelease/2018/med_pr_022018_gap_president.html" data-vars-content-id="f26f16ea-eb24-4380-a1b1-d170ddb47883" data-vars-headline="Gap brand CEO stepping down" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="http://www.gapinc.com/content/gapinc/html/media/pressrelease/2018/med_pr_022018_gap_president.html" target="_blank">Full statement.</a>

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Gap brand CEO stepping down

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