Gap Inc (NYSE:GPS) shares are up Wednesday after the company named former Mattel, Inc (NASDAQ:MAT) chief operating officer Richard Dickson as its new CEO, the Wall Street Journal reported.
The company ended a year-long search after former CEO Sonia Synga resigned after just two years in the role. In the meantime, Gap’s chairman Bob Martin has been serving as interim CEO.
Gap stock climbed more than 6% to $9.80.
The clothes retailer has faced softening demand for its line of casual attire. Now, it turns to an executive credited with helping revive the iconic Barbie franchise, according to Mattel.
“Gap is a portfolio of iconic brands, known for having defined American style with bold thinking and making quality fashion accessible to millions,” Dickson said in a statement. “But it’s the work ahead that excites me most - the chance to work hand-in-hand with the teams to evolve Gap Inc (NYSE:GPS) for a new era.”
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