OLIVET RESIGNS AS GAP REALIGNMENT CONTINUES
NEW YORK — The executive shakeup continues at Gap Inc.
Scott Olivet, senior vice president of real estate at Gap Inc., has resigned as part of a realignment of the company’s real estate operations, the company said Tuesday.
Olivet, who had been with the firm for 2 1/2 years, is the latest in a string of executives to resign from the giant retailer in recent weeks.
In late September, Jim Nevins, Gap’s executive vice president of global marketing, stepped down, and two days later, Chuck Ferer, Old Navy’s vice president of finance, left the company.
The changes in the corner offices come at a time when Gap’s performance has been less than stellar. The company’s same-store sales results have fallen for the last five months, and were down 8 percent in September. Company executives blamed the decline on lower-than-expected sales at the Gap division, a heavier promotional environment and the lack of TV advertising heading into the key back-to-school period.
The shifts in the real estate division, which the company began implementing in May, split responsibility for Gap’s real estate and its corporate architecture and construction functions into two management structures. It was previously one, and Olivet had overseen both.
Under the new structure, Greg Poole, 39, will oversee corporate architecture and construction, including all new-store and office building construction and ongoing maintenance as well as store remodeling. Gap said it has no immediate plans to name a new senior vice president of real estate — the second management structure — and said that this division will be directed on an interim basis by the company’s three regional vice presidents of real estate — Jeffrey Parisian, Alan Barocas and Richard Golden.
“Scott’s resignation was a mutual decision, and we appreciate the contributions he’s made during a critical growth period for our company,” said Anne Gust, executive vice president and chief administrative officer, in a statement. “The realignment will help us more effectively manage future growth, as well as our current base of over 3,400 stores and multiple corporate office locations worldwide.”