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Suddenly, Amazon Doesn't Love Its Moms Anymore
It surprised mostly no one that Paul Pressler, CEO of Gap Inc. (NYSE:GPS), resigned yesterday. Not only have sales been slipping, like, forever; not only has market share been dwindling; not only has the stock slipped about 25% since its high in July 2004; but the guy, well, he's just not a fashion guy. This criticism of him was voiced when he started at the company back in late 2002; this criticism of him was voiced a year ago; this criticism of him was voiced a few weeks ago when sorry holiday sales were reported.With scandalous whispers of commoditization and deep discounting and doesn't understand merchandising floating around Pressler's head like so many evil cartoon thought bubbles, I'd like to float my own theory: the guy isn't the sort of person who ever wore The Gap, and he just doesn't get it.
Maybe for some companies it's reasonable to hire a CEO who's disconnected with the target market, who wouldn't buy the product you produce. Say, a toy company might hire an older adult to run the business. Fer sure.
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