The Old Navy Conundrum: Can a New CEO Turn Things Around? The Gap's Old Navy chain has been a stalwart performer for over a decade, contributing nearly 60% to its parent company's total revenue.
However, recent results indicate a slowdown is underway, with net sales falling 4% year over year in the second quarter. To address this decline, The Gap, Inc.
has tapped retail veteran Michael Francis as president and CEO of Old Navy, effective November 2.