SAN FRANCISCO — Meg Whitman, president and chief executive officer of eBay Inc., has decided not to stand for reelection to Gap Inc.’s board when her current term expires in May, due to other professional commitments, Gap said Monday.
Whitman, 48, has served on Gap’s board since 2003. Gap said it is seeking another board member who is independent of the company.
“Meg’s strategic and brand-building expertise has made her a valuable asset to Gap Inc.’s board,” said Bob Fisher, chairman. “We will miss her, and on behalf of the board, I’d like to thank Meg for her many contributions over the past two years.” Whitman said in a statement that it was “a great experience to serve on Gap Inc.’s board” and “given eBay’s recent acquisition and international expansion plans, I will need to devote additional time and resources to the eBay business.”
Her departure brings the Gap Inc.’s board down to 12 directors, eight of whom are independent of the company and its management.
The members are: Howard P. Behar, 60, a former Starbucks executive; Adrian D. P. Bellamy, 63, executive chairman of The Body Shop International; Domenico De Sole, 61, former ceo of Gucci Group NV; Donald G. Fisher, 76, Gap founder; Doris F. Fisher, 73, former merchandiser of the company and Don Fisher’s wife; Robert J. Fisher, 50, chairman and son of Donald and Doris; Penelope L. Hughes, 45, former Coca-Cola executive; Bob L. Martin, 56, ceo of Mcon Management Services and former Wal-Mart executive; Jorge P. Montoya, 58, ex-Procter & Gamble executive; Paul S. Pressler, 48, Gap ceo and president; James M. Schneider, 51, chief financial officer of Dell Inc., and Mayo A. Shattuck 3rd, 50, chairman, president and ceo of Constellation Energy Group.