NEW YORK — Gap Inc. has another Mouseketeer on board.
This story first appeared in the January 21, 2003 issue of WWD. Subscribe Today.
The retailer named Byron Pollitt executive vice president and chief financial officer, on Friday, reporting to president and chief executive Paul Pressler. Pollitt succeeds Heidi Kunz, who resigned after nearly three years at the company.
Pollitt joins the San Francisco-based operator of Gap, Banana Republic and Old Navy stores from The Walt Disney Co., where he most recently served as executive vice president and chief financial officer of Walt Disney Parks and Resorts. Pressler served as head of that division prior to being tapped by Gap to succeed Millard “Mickey” Drexler in September.
Pollitt assumes responsibility for corporate finance and strategy functions, as well as information technology. He also becomes a member of the company’s executive leadership team.
Gap has suffered from earnings declines since the first quarter of 2000, but rebounded with a surprise earnings improvement for the three months ended Nov. 2. Net income for that period fattened to $135.3 million, or 15 cents a diluted share, beating Wall Street’s raised expectations by a penny and reversing a year-ago loss of $178.8 million, or 21 cents.