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Gap Chief Financial Officer Byron Pollitt to depart Sept. 14, will become CFO at Visa

Gap Chief Financial Officer Byron Pollitt to depart Sept. 14, will become CFO at Visa

Gap Inc. Chief Financial Officer Byron Pollitt is leaving the slumping retailer Sept. 14 to take the same job at payments network operator Visa Inc., the companies said Wednesday.
Pollitt, 56, will be replaced by one of his top deputies _ Sabrina Simmons, who will is being promoted from senior vice president of corporate finance to executive vice president and acting chief financial officer. Simmons, 44, joined Gap in 2001 as vice president and treasurer.
The retailer, which operates Gap, Old Navy and Banana Republic stores, has been struggling with weak sales and has been attempting a turnaround, shedding executives and cutting costs.
On Friday, the company reported second-quarter net income rose 19 percent to meet analyst expectations, helped by aggressive cost cutting and restructuring. However, revenue fell 1 percent and same-store sales _ a key gauge of retailer health _ fell 5 percent.
Gap shares fell 28 cents to $18.39 in after-hours trading, after closing up 60 cents at $18.67.


Updated : 2020-12-03 21:28 GMT+08:00