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Gap Names Michael Francis Old Navy CEO Effective Nov. 2

8/28/2026

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Story summary

Gap Inc. named Michael Francis as Old Navy chief executive, effective Nov. 2.
Gap CEO Richard Dickson said the transition was planned, and shares jumped 12% after the announcement.
Old Navy reported $2.1 billion sales, a 4% YoY decline and its first negative same-store sales since Q2 2023.
Gap narrowed full-year net-sales growth outlook to 1%-1.5% and lifted adjusted EPS guidance to $2.35-$2.45.

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Story summary

Gap Inc. named Michael Francis as Old Navy chief executive, effective Nov. 2.
Gap CEO Richard Dickson said the transition was planned, and shares jumped 12% after the announcement.
Old Navy reported $2.1 billion sales, a 4% YoY decline and its first negative same-store sales since Q2 2023.
Gap narrowed full-year net-sales growth outlook to 1%-1.5% and lifted adjusted EPS guidance to $2.35-$2.45.