Read MoreGap CEO to retire in February
In February, CEO Glenn Murphy will step down and be succeeded by Art Peck, who currently serves as president of its growth, innovation and digital business, the company said. It provided no further explanation for the change.
To Cramer, though, the move might be justified given the stock's performance of late.
"A lot of people liked Murphy because one of the things Murphy did was steady tiller, but at the same time the stock has been stuck," Cramer said on "Squawk on the Street." "And I can understand why people are saying 'Come on. We see other retailers doing better. You should be doing better, too.'"
Still, a number of investment firms have downgraded the stock on the news, including Wells Fargo, Sterne Agee, Telsey and Janney.
Cramer, on the other hand, said Gap is a "buy" because it "just isn't that bad."
DISCLOSURE: When this story was published, Cramer's charitable trust did not own Gap.