Pressler Is Gone

mktiggerman · 09-26-2002

From Yahoo! News

Gap Taps Disney's Pressler as CEO
Thursday September 26, 4:23 pm ET

By Emily Kaiser

CHICAGO (Reuters) - Gap Inc. (NYSE:GPS - News), the largest U.S. specialty clothing retailer, on Thursday named Walt Disney Co.(NYSE:DIS - News) veteran Paul Pressler as its chief executive, as the company attempts to end more than two years of slumping sales.
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Gap said Pressler, formerly head of Disney's theme parks and resorts division and president of Disney Stores, will become president and CEO effective immediately, succeeding Millard "Mickey" Drexler. The 33-year-old company had said Drexler would retire once a successor was found.

The move -- seen as a blow to Disney, which loses one of its best-regarded executives -- puts Pressler in charge of the struggling retailer just in time for the all-important holiday sales period.

In September, Gap reported its 29th straight month of declines in sales at stores open at least one year, and debt rating agencies have warned that the company's ratings could fall if the retailer does not improve its performance quickly.

Although little known among retail analysts, Pressler had been mentioned as a candidate early on in the search process but turned down the job three times, said Hal Reiter, CEO of executive search firm Herbert Mines Associates, which conducted the search along with Heidrick and Struggles.

"He kept saying 'no' because he loved his job," Reiter said in a telephone interview.

Reiter said Pressler impressed Gap management with the range of his Disney experience, particularly in running the theme parks.

"He has hundreds of thousands of people a day come into his place of business either to buy a ride, buy a product, buy an ice cream cone. While he didn't have apparel experience, he had oodles of experience touching customers -- the very same customers who go to the Gap."

San Francisco-based Gap -- which operates over 4,200 Gap, Banana Republic, and Old Navy stores -- has been seeking a successor for Drexler since May.

INSPECTING THE TROOPS

For his part, Pressler said in an interview with Reuters that he "wanted to have a hand in leading" a major company. He said that before settling into Gap's corner office, he'll spend some time working the stores and pressing the flesh.

"I'll be doing a lot of learning, talking to folks, getting out to stores, working in a few stores first," Pressler said.

He arrives in Gap's San Francisco headquarters on Monday morning and said he will address staff then.

He said his message to staff will focus on "how much I respect the brand. I wouldn't come here unless I thought there was tremendous opportunity for growth."

Analysts said Gap alienated some of its customers as it struggled to find its niche between the classic jeans and T-shirts that made it famous in the 1980s and the trendier look it adopted more recently.

The stock closed up 3.8 percent, or 46 cents, at $12.45 on the New York Stock Exchange. The shares have traded in a 52-week range of $17.14 and $9.25.

NEW KID ON THE BLOCK

Some analysts said Pressler's appointment came as a surprise because he was not among those rumored to be in line for the job, but said the choice made sense considering what Gap will have to do to right its ship.

"It seems to me that he was very well regarded at Disney. My sources tell me this was definitely a loss for Disney," said Nancy Aversa, retail analyst with Victory Capital Management, the asset management arm of KeyCorp with $70 billion under management. It holds no Gap shares.

"The one big question mark with a specialty retailer this size, going through this challenging period in their business cycle, is how well do Paul's skills translate," she said.

dab · 09-27-2002

mktiggerman, thanks for sharing and welcome to Disney Central. What a bummer for Disney, sounds like Pressler was a real gem.

Michael Darling · 09-27-2002

Yay! Woo! Hopefully somebody with a more guest oriented approach to leadership will take over.

Oh, and MKTiggerman has actually been here a while. He had to reregister because of some strange glitch.That reminds me, I should talk to mickey about that, Mr. Tiggerman...

brumcg · 09-27-2002

Seriously, this *could* be better news than the return of Early Entry. Pressler has received a ton of blame from WDW fanatics who think the parks have declined in recent years.

Bruce

Goofette · 10-10-2002

I didn't realize Pressler was gone. Who did Disney get to replace him?

brumcg · 10-10-2002

Goofette,

James Rasulo who headed up Euro Disney got the job. I found an article here: http://www.wdisneyw.co.uk/news28.html.

While I heard many bad things about Pressler, I'm clueless about Rasulo.

Bruce

monte70 · 10-15-2002

Maybe one should look to the big cheese(ceo Eisner) and ask why the big bonus's. The $$ have to come from some where. Having close friends that work in the florida sites, they are constantly cutting back on projects because the Corporation is losing big $$ on the Eiser follies. What does Baseball and a TV station(WABC) have to do with running a park and making movies.

09-26-2002	#1 (permalink)
mktiggerman Junior Mouseketeer Join Date: Nov 2001 Location: Orlando, FL/San Juan, PR Posts: 25	Pressler Is Gone From Yahoo! News Gap Taps Disney's Pressler as CEO Thursday September 26, 4:23 pm ET By Emily Kaiser CHICAGO (Reuters) - Gap Inc. (NYSE:GPS - News), the largest U.S. specialty clothing retailer, on Thursday named Walt Disney Co.(NYSE:DIS - News) veteran Paul Pressler as its chief executive, as the company attempts to end more than two years of slumping sales. ADVERTISEMENT Gap said Pressler, formerly head of Disney's theme parks and resorts division and president of Disney Stores, will become president and CEO effective immediately, succeeding Millard "Mickey" Drexler. The 33-year-old company had said Drexler would retire once a successor was found. The move -- seen as a blow to Disney, which loses one of its best-regarded executives -- puts Pressler in charge of the struggling retailer just in time for the all-important holiday sales period. In September, Gap reported its 29th straight month of declines in sales at stores open at least one year, and debt rating agencies have warned that the company's ratings could fall if the retailer does not improve its performance quickly. Although little known among retail analysts, Pressler had been mentioned as a candidate early on in the search process but turned down the job three times, said Hal Reiter, CEO of executive search firm Herbert Mines Associates, which conducted the search along with Heidrick and Struggles. "He kept saying 'no' because he loved his job," Reiter said in a telephone interview. Reiter said Pressler impressed Gap management with the range of his Disney experience, particularly in running the theme parks. "He has hundreds of thousands of people a day come into his place of business either to buy a ride, buy a product, buy an ice cream cone. While he didn't have apparel experience, he had oodles of experience touching customers -- the very same customers who go to the Gap." San Francisco-based Gap -- which operates over 4,200 Gap, Banana Republic, and Old Navy stores -- has been seeking a successor for Drexler since May. INSPECTING THE TROOPS For his part, Pressler said in an interview with Reuters that he "wanted to have a hand in leading" a major company. He said that before settling into Gap's corner office, he'll spend some time working the stores and pressing the flesh. "I'll be doing a lot of learning, talking to folks, getting out to stores, working in a few stores first," Pressler said. He arrives in Gap's San Francisco headquarters on Monday morning and said he will address staff then. He said his message to staff will focus on "how much I respect the brand. I wouldn't come here unless I thought there was tremendous opportunity for growth." Analysts said Gap alienated some of its customers as it struggled to find its niche between the classic jeans and T-shirts that made it famous in the 1980s and the trendier look it adopted more recently. The stock closed up 3.8 percent, or 46 cents, at $12.45 on the New York Stock Exchange. The shares have traded in a 52-week range of $17.14 and $9.25. NEW KID ON THE BLOCK Some analysts said Pressler's appointment came as a surprise because he was not among those rumored to be in line for the job, but said the choice made sense considering what Gap will have to do to right its ship. "It seems to me that he was very well regarded at Disney. My sources tell me this was definitely a loss for Disney," said Nancy Aversa, retail analyst with Victory Capital Management, the asset management arm of KeyCorp with $70 billion under management. It holds no Gap shares. "The one big question mark with a specialty retailer this size, going through this challenging period in their business cycle, is how well do Paul's skills translate," she said. __________________ ROB /aka MKTIGGERMAN/ ·Disney Security is a Joke / Their lack of a competent security force isn't· Welcome to My World

09-27-2002	#2 (permalink)
dab Perpetual Trip Planner Join Date: Aug 2002 Posts: 1,604	mktiggerman, thanks for sharing and welcome to Disney Central. What a bummer for Disney, sounds like Pressler was a real gem. __________________ http://www.magicalkingdoms.com/timer...8lwbwx9enz.png

09-27-2002	#3 (permalink)
Michael Darling Senior Mouseketeer Join Date: Nov 2001 Location: Right Behind You Posts: 435	Yay! Woo! Hopefully somebody with a more guest oriented approach to leadership will take over. Oh, and MKTiggerman has actually been here a while. He had to reregister because of some strange glitch.That reminds me, I should talk to mickey about that, Mr. Tiggerman... __________________ - "Michael Darling" The "caps lock" light scares me, and the "Shift" key is my best friend.

09-27-2002	#4 (permalink)
brumcg Mouse Meister Join Date: Feb 2002 Posts: 1,299	Seriously, this could be better news than the return of Early Entry. Pressler has received a ton of blame from WDW fanatics who think the parks have declined in recent years. Bruce __________________ My Disney Countdown Counting down to: Our March 2010 Spring Break trip! 114 days 4 hours 2 minutes

10-10-2002	#5 (permalink)
Goofette Mouse Meister Join Date: Jan 2002 Location: 2nd Star To the Right Posts: 1,089	I didn't realize Pressler was gone. Who did Disney get to replace him? __________________ Keep Our Troops in your thoughts and Prayers

		MouseBuzz.com > The Walt Disney Company > Disney Discussion
Pressler Is Gone

10-10-2002	#6 (permalink)
brumcg Mouse Meister Join Date: Feb 2002 Posts: 1,299	Goofette, James Rasulo who headed up Euro Disney got the job. I found an article here: http://www.wdisneyw.co.uk/news28.html. While I heard many bad things about Pressler, I'm clueless about Rasulo. Bruce __________________ My Disney Countdown Counting down to: Our March 2010 Spring Break trip! 114 days 4 hours 2 minutes

10-15-2002	#7 (permalink)
monte70 Mouseketeer Intern Join Date: May 2002 Location: New Jersey Posts: 6	Where is the MAGIC? Maybe one should look to the big cheese(ceo Eisner) and ask why the big bonus's. The $$ have to come from some where. Having close friends that work in the florida sites, they are constantly cutting back on projects because the Corporation is losing big $$ on the Eiser follies. What does Baseball and a TV station(WABC) have to do with running a park and making movies.

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