Gap Taps Disney Parks Chief as CEO

Gap Inc., the largest U.S. specialty apparel retailer, on Thursday said it named Paul Pressler, head of Walt Disney Co.’s theme parks and resorts unit, to succeed Millard “Mickey” Drexler as its chief executive. The San Francisco company, which operates over 4,200 Gap, Banana Republic and Old Navy stores, has been seeking a successor for Mr. Drexler since May. Gap said Pressler will become president and CEO effective immediately. The company had said Mr. Drexler would retire as soon as a successor was found.

Gap, once hailed as a beacon of retailing success, has foundered for more than two years after an ill-fated foray into trendy clothes that alienated the traditional Gap customer. Earlier this month it reported its 29th straight month of declines in sales at stores open at least one year. Mr. Pressler, 46, is a 15-year veteran of Disney and chairman of its global theme park and resorts division.