The headline is all that matters: Gap Inc. Announces Paul Pressler to Step Down as Chief Executive Officer
Robert J. Fisher, the company’s current non-executive chairman of the board of directors, will also serve as president and chief executive officer on an interim basis, effective immediately. A search will commence for a new CEO but honestly they could replace Pressler with a rodent and Wall Street would have been satisfied.
Paul Pressler was one of the 10 CEO’s that need to go, although not all of the CEO’s were actually being called to be put in front of the firing squad. Be sure to read the list because it isn’t an outright call for all of them to be canned. Pressler was one of the ones that really needed to go and needed to go in short order. We noted that Nardelli needed to leave Home Depot even if it meant that he would get a huge pay package to leave early. The same goes for Pressler, he’s a liability in a retail and clothing company.
The company recently made some key changes in the Gap and Old Navy units, but they didn’t go far enough and they probably just made the company more hollow. If they would have gotten rid of Pressler it would have at least been possible to make the company more attractive.
He got the memo. "Dear Sir, Don’t let the door hit your assets on the way out!"
Jon C. Ogg
January 22, 2007
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