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Gap appointed Neil Fiske president and CEO of its Gap brand, the clothing company announced on Wednesday. Fiske will assume his new role on June 20.
"Neil brings significant retail and apparel experience to Gap Inc. and a track record of transforming and repositioning brands," Gap President and CEO Art Peck said in a statement.
Gap brand has struggled in recent years, while the company's Old Navy brand has been growing. In fiscal first quarter, same-store sales at Gap stores globally fell 4 percent, flat from a year ago.
Fiske will join Gap from Australian clothing brand Billabong, where he has served as CEO of Billabong International. There he helped the Billabong brand return to a position of multiyear share growth. He has also served in executive roles at Eddie Bauer and Bath and Body Works.
"[Fiske] is an experienced leader who deeply understands the mechanics of this business, the value of an omnichannel strategy, and the need to build a progressive and relevant brand. I believe Neil is the right leader to strengthen Gap brand," Peck said in a statement.
Fiske's appointment is the latest move by the company to update and cut back, as retailers face increasing competition from Amazon. The e-commerce giant is positioned to become the No. 1 clothing retailer in the U.S. this year.
Shares of Gap, which also owns such brands as Banana Republic and Athleta, are down 1.39 percent year to date and 6.58 percent year over year.