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Gap Inc. announced it has tapped a former Mattel executive to be its new chief executive officer. The American clothing and accessories retailer said it hired Richard Dickson, the president and chief operating officer at the toy company known for its Babie and Fisher-Price toy brands.
Gap said on Wednesday, Jul. 26, that it recruited Dickson to be its new CEO as it puts in more effort in increasing its sales again. The company is aiming to make a comeback after a sales slump and eventually recoup its relevancy and presence in the fashion sector.
The apparel manufacturer selected Dickson after a long search that started in the summer of last year. It immediately launched the search after its former chief, Sonia Syngal, vacated her post.
According to CNBC, since Syngal left Gap, the company’s chairman, Bob Martin, took over as interim CEO. He has been leading the organization longer than expected since they did not find the right successor until now.
Martin also told investors during the most recent earnings call that he did not expect to be the interim CEO for a long time. It was revealed that Dickson is also a member of Gap’s board since November 2022.
In any case, the new CEO’s official appointment will take effect on Aug. 22. Richard Dickson is set to leave Mattel Inc. on Aug. 3. His annual base salary for his new job at Gap is said to be $1.4 million.
“Richard has invaluable expertise in areas critical to the work Gap Inc. is doing to strengthen the company for the long term,” Mayo A. Shattuck III, Gap’s board’s lead independent director, said in a press release. “And we are thrilled to have his visionary leadership as the company redefines the future potential of Gap Inc. and its renowned American fashion brands.”
He further said, “On behalf of the Gap Inc. Board and management team, I want to thank Bobby Martin for serving as Interim CEO during this important time, and the teams who have moved quickly to simplify the company’s operating model, increase the speed and quality of decision making, and restore its creative muscle – work that will pay back for years to come.”
Photo by: Gap Press Release
