Gap shares jump 12% after company names new Old Navy CEO to revive struggling brand

Gap announced a new CEO for Old Navy on Thursday as the brand reported a decline in comparable sales for the most recent quarter. Michael Francis will take the reins of Old Navy beginning Nov. 2. He succeeds Haio Barbeito, who assumed the role in 2022. Across its brands — Banana Republic, Athleta, Old Navy and its namesake banner — Gap Inc. reported comparable sales down 1% for the quarter.
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