Gap stock experienced a significant boost on Wednesday as the renowned retailer concluded its yearlong quest for a new chief executive. The company has chosen Richard Dickson, who currently serves as the chief operating officer and president at Mattel (ticker: MAT), to take the helm.
Dickson boasts an impressive track record, having been an integral part of the Mattel team since 2000. He is particularly renowned for his successful efforts in revitalizing the Barbie brand. Prior to joining Mattel, Dickson gained valuable experience during his time at The Jones Group and Bloomingdale’s. Moreover, he even founded an online makeup retailer that was later acquired by Estée Lauder (EL).
Interestingly, Dickson already has a connection with Gap (GPS), as he joined the retailer’s board in November 2022. This prior relationship played a role in solidifying his suitability for the CEO position.
According to Bob Martin, interim CEO and board chairman, Richard Dickson was the natural choice due to his extensive experience as a transformational brand builder and his firm belief in the power of inclusivity. These qualities perfectly align with Gap Inc.’s vision and values.
Following the announcement, Gap’s stock experienced a surge, with a 6% increase to $9.76 during premarket trading. This news was initially reported by The Wall Street Journal.
The CEO role had been vacant for a year following the departure of former CEO Sonia Syngal last July. Syngal had held the position since 2020.
With the aim of revitalizing its business, Gap is undergoing a shake-up in its leadership structure. In addition to appointing a new CEO for the athleisure brand Athleta earlier this week, the company is now poised for further positive transformation under Richard Dickson’s guidance.
