Gap CFO Pollitt Departs for New Role at Visa

Gap Inc. Chief Financial Officer Byron Pollitt is leaving the slumping retailer Sept. 14 to take the same job at credit card issuer Visa, the companies said Wednesday.

Pollitt, 56, will be replaced by one of his top deputies -- Samantha Simmons, who is being promoted from senior vice president of corporate finance to executive vice president and acting chief financial officer. Simmons, 44, joined Gap in 2001 as vice president and treasurer.

The retailer, which operates Gap, Old Navy and Banana Republic stores, has been struggling with weak sales and has been attempting a turnaround, shedding executives and cutting costs.

On Friday, the company reported second-quarter net income rose 19 percent to meet analyst expectations, helped by aggressive cost cutting and restructuring.

However, revenue fell 1 percent and same-store sales -- a key gauge of retailer health -- fell 5 percent.

Shares of Gap fell about 1 percent in after-hours trading, after closing up about 3.3 percent at $18.67.