Gap plans to separate into two independent publicly traded companies, with Old Navy becoming a standalone company
Gap Inc. said Thursday that it plans to split itself into two independent publicly traded companies—one unnamed company consisting of the iconic Gap brand, and Old Navy.
The yet-to-be-named company will include its Gap brand, Athleta, Banana Republic, Intermix and Hill City. Gap’s current President and Chief Executive, Art Peck, will hold the same position with the new company after the planned separation, Gap said. Sonia Syngal, current President and CEO of Old Navy, will continue to lead that brand as a standalone business.
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