Gap CFO Sabrina Simmons to Leave at End of Fiscal Year

By Josh Beckerman 

Gap Inc. Chief Financial Officer Sabrina Simmons will leave the company at the end of its fiscal year, following nearly a decade in the role.

Ms. Simmons joined the company in 2001 and became CFO in 2007. In a statement, Gap Chief Executive Art Peck said Ms. Simmons was "critical in establishing Gap Inc.'s capital structure framework and maintaining operating discipline."

Ms. Simmons will be employed through Feb. 1 but will leave the CFO position at an earlier date to be determined.

Gap shares fell 1.5% to $26.45 in after-hours trading.

Gap, which owns the Old Navy and Banana Republic brands, has suffered from lower foot traffic as more customers turn to online shopping and has faced competition from chains like H&M. The company has been trying to turn itself around by shutting some stores, shaking up management ranks and revamping merchandise.

The company said Oct. 6 that it saw strong response to the fall clothes at Old Navy in September, but the company's overall same-store sales declined. Results were hurt by an August fire at a Fishkill, N.Y., distribution center.

Write to Josh Beckerman at [e-mail]

(END) Dow Jones Newswires

November 02, 2016 17:14 ET (21:14 GMT)

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