Byron Pollitt, CFO of Gap (NYSE: GPS) is leaving the company to take the same job with Visa. While there don't appear to be any indications that he was pushed out for wrongdoing, this news is hardly bullish for investors. After all, if he left to pursue an opportunity with Visa, isn't the implication that Gap isn't such a great opportunity right now?
Consider: The job isn't a promotion -- it's the same title. And both companies are located in San Francisco, so we can't even use the "moving closer to home" explanation. No, Mr. Pollitt left because he decided he would rather work for Visa.
With Visa recently having completed a restructuring to prepare for an upcoming IPO, investors may want to follow Pollitt over to that company. If it's a better opportunity for him, it's probably better for investors too.
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