NEW YORK — Not even a month after leaving Gucci Group NV, Domenico De Sole has fallen into the Gap.
Gap Inc., the San Francisco-based specialty retailer, said Tuesday that it named De Sole to its board of directors, where he will serve on the compensation and management development committee.
De Sole’s appointment brings the total number of board members at Gap Inc. to 14, of whom 10 are independent, the company said in a statement.
When De Sole, 60, left the chief executive officer post at Gucci in April, he had an annual compensation of $2.7 million. In addition, De Sole exercised $30 million in options earlier in the year.
As with all non-employee directors, Gap will pay De Sole an annual retainer of $50,000 in quarterly installments, as well as an attendance fee of $2,000 for each board meeting and $1,500 for each committee meeting. Additionally, De Sole will have an option to purchase 15,000 Gap shares at current fair market value.
Other boards De Sole serves on include Procter & Gamble, Bausch & Lomb and Telecom Italia, and the advisory board of Harvard Law School.
“Domenico has skillfully managed one of the world’s most recognized global fashion brands,” said Paul Pressler, president and ceo of Gap Inc., in a statement. “His insights and leadership will bring great value to our company and shareholders.”
The announcement was made right after the market closed. Shares of Gap Inc. ended the day up 2.3 percent from the prior close to $23.15, which is near the retailer’s 52-week high of $23.45.
— Arthur Zaczkiewicz and Dan Burrows