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Gap Names Art Peck President Of Gap North America - Update

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Specialty retailer Gap Inc. (GPS: Quote) said Wednesday it appointed Art Peck as president of Gap North America. Pam Wallack, the current president of Gap Adult North America, will become head of Gap's new Global Creative Center. The changes are effective immediately.

Peck succeeds Marka Hansen, who will step down from her role and leave the company, effective February 4. Peck has been responsible for growing the company's highly-profitable Outlet business for the past three years.

Gap said the changes are aimed to drive more consistent results in North America and to provide a new and dynamic creative leadership structure that will deliver sustainable global growth.

As part of the new role, Wallack will move from San Francisco to New York to centralize creative resources, including design, marketing, fashion public relations, and production.

The company noted that the global design team, led by Patrick Robinson in Adult and Jennifer Giangualano for Kids and Baby, will be a central part of the Global Creative Center.

Gap also announced the appointment of Seth Farbman as new chief marketing officer in New York, and the selection of a new advertising agency, Ogilvy & Mather Worldwide. Farbman is currently worldwide managing director at Ogilvy & Mather, and in his new role will report to Wallack.

In addition, the company announced the strategic decision to merge together the operation of its Outlet division with the Gap and Banana Republic brands. This will bring the specialty retail stores and their value expression channels within the same organization.

Glenn Murphy, chairman and CEO of Gap, stated, "I expect more from our Gap business in North America. The changes we're making are intended to propel the brand to deliver the product and brand experiences our customers demand worldwide. New York will now serve as the global epicenter for creativity for Gap brand, which is exactly what we need to compete effectively here at home and internationally."

GPS closed Tuesday's regular trading session at $19.52, up $0.25 or 1.30%, on a volume of 8 million shares.

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by RTT Staff Writer

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