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Gap Announces Management Restructuring

SAN FRANCISCO (CBS/AP) -- Gap has announced a management overhaul aimed at enabling the retailer to respond more quickly to customers' needs across the globe.

The change will put the North American, international, online, outlet and franchise divisions under a single global executive for each of its brands—Gap, Banana Republic and Old Navy.

The San Francisco-based clothing chain also says Tuesday it will form a new innovation and digital strategy team to further advance its efforts in that area.

The moves will be effective at the beginning of its fiscal 2013 year.

Gap Inc. operates more than 3,200 stores in more than 40 countries, up from eight countries in 2006.

Its shares rose 26 cents to $36.54 in morning trading.


(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)


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