Old Navy has a new captain.
The Gap Inc. budget retailer named Nancy Green president and chief executive officer, making official the job she’s had on an interim basis since March, when she stepped up into the corner office from the role of chief creative officer.
Green reports to Gap chief Sonia Syngal, who had been head of Old Navy until she was tapped to fill the void left when her predecessor, Art Peck, was ousted. Peck was executing on a plan to spin off Old Navy and split the company in two that was ultimately shelved.
Green, who will also serve on Gap’s senior leadership team and is on the Allbirds board, took the reins just before the coronavirus pandemic hit retailers of all stripes with unprecedented closures and wild changes in consumer demand and shopping patterns.
“She has led the brand through one of the most challenging periods in its 26-year history, and the team has delivered strong results through compelling creative and product execution,” Syngal said of Green. “Under Nancy’s purpose-led leadership, the brand has grown a formidable billion-dollar active and fleece business, launched new omnichannel experiences, and doubled down on Old Navy’s promise to welcome everyone through fun, fashion, family and value.”
Before joining Old Navy in August last year, Green was president and ceo of Gap’s Athleta business, which she helped achieve B Corp Certification.
Green said: “Old Navy has always stood for the democracy of style, and we have the unique ability and scale to bring that mission to life in how we deliver new product, experiences and style to customers of all sizes, shapes and backgrounds. I am so proud to have the opportunity to lead this team into the future.”
The value-orientated Old Navy is a massive business that, with 1,200 stores and revenues of nearly $8 billion in 2019, has served as the engine for Gap Inc., although it’s performance tapered off last year, complicating the proposed spin off.
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