1. Corporate Strategy

Gap Inc. Names Former Mattel Exec its New CEO

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Gap Inc. announced that it has appointed Mattel executive Richard Dickson to become its next CEO. Dickson, the chief operating officer at Mattel, will replace interim CEO Bob Martin on Aug. 22. He will be tasked with overseeing the global portfolio that includes Old Navy, Gap, Banana Republic, and Athleta. The company had been facing a sales slump for years despite numerous efforts to turn around the business. The COVID-19 pandemic and surging supply chain costs only exacerbated financial conditions in addition to other disruptions.

Total Retail’s Take: Dickson has his work cut out for him. Gap Inc. has been plagued by slowing sales amid declining consumer demand for its products, particularly at its namesake banner. Dickson’s work turning around the Barbie brand while at Mattel was attractive to Gap Inc.’s board of directors in their search for Martin’s replacement. He will be expected to do the same at Gap Inc. It’s likely that some of Dickson’s first tasks will be evaluating Gap Inc.’s physical store portfolio as well as refreshing the brand’s design and merchandising strategy.

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