Gap
stock jumped Wednesday after the retailer ended its yearlong search for a new chief executive.
The apparel retailer has tapped Richard Dickson,
Mattel’s
(ticker: MAT) chief operating officer and president, to lead the company.
Dickson has been at
Mattel
since 2000, and is well-known for his successful efforts to revitalize the Barbie brand. Before joining Mattel, Dickson had stints at The Jones Group, Bloomingdale’s, and founded an online makeup retailer that was later acquired by
Estée Lauder
(EL).
Dickson has a previous relationship with
Gap
(GPS), having joined the retailer’s board in November of 2022.
“Amidst a deliberate and thoughtful search process, it became clear that Richard is destined for this role at this moment,” said Bob Martin, interim CEO and board chairman. “His experience as a proven transformational brand builder and belief in the power of inclusivity, make him a perfect fit for Gap Inc.”
Shares of Gap surged on the news, with the stock up 6% to $9.76 in premarket trading.
The Wall Street Journal first reported the news on Wednesday.
The role of CEO has been vacant for a year, ever since former CEO Sonia Syngal s stepped down last July. Syngal had been in the position since 2020.
The company is in the midst of shaking up its leadership structure in a bid to turn business around. Earlier this week, Gap announced the company had found a new CEO for its athleisure brand, Athleta.
Write to Sabrina Escobar at [email protected]
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