Byron Pollitt, executive vice president and chief financial officer of Gap Inc. since 2003, is leaving the San Francisco-based specialty apparel retailer to assume the cfo post at Visa.
Sabrina Simmons, senior vice president of corporate finance, has been promoted to executive vice president and will serve as acting cfo following Pollitt’s planned Sept. 14 departure. Simmons will report directly to Glenn Murphy, chairman and chief executive officer of the firm.
Pollitt was among the many executives who made the trip from The Walt Disney Co. after Paul Pressler was named ceo of Gap in September 2002. Pollitt, a veteran of McKinsey & Co., spent 13 years with Disney, most recently as executive vice president and cfo of its parks and resorts unit.
Simmons joined Gap in 2001 as vice president and treasurer.
In a statement, Murphy credited Pollitt for his “integral role in restoring the company’s financial health and instilling the strong financial discipline across the organization that exists today.”
He also noted Simmons’ contributions to “restoring the strength of the company’s balance sheet and returning cash to our shareholders.”