Old Navy’s New CEO Appointment Sparks Gap Stock Rally, Boosting Investor Confidence
Old Navy’s New CEO Appointment Sparks Gap Stock Rally, Boosting Investor Confidence
Aaron McDadeFri, August 28, 2026 at 1:05 PM UTC
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Gap shares are surging before the bell Friday.Credit: Marcin Golba / NurPhoto via Getty ImagesKey Takeaways -
Gap stock surged 18% after the company announced a leadership change at Old Navy.
Michael Francis will replace Haio Barbeito as Old Navy’s CEO starting Nov. 2.
Gap’s quarterly earnings beat profit forecasts, but revenue slightly missed expectations.
Gap (GAP) stock is rallying following a big management change that came alongside the apparel retailer’s latest quarterly earnings report.
Last night, Gap announced the appointment of Michael Francis as the new CEO of its struggling Old Navy unit, replacing current CEO Haio Barbeito as of Nov. 2.
Weakness at Old Navy and Gap’s other brands has been a focus for analysts who have downgraded the stock recently.
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Gap also reported earnings last night, posting revenue of $3.65 billion, just below estimates, while adjusted earnings per share of 52 cents topped forecasts, with the retailer also lifting its profit forecast for the full year.
Gap shares were up 18% in recent trading.
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Source: “AOL Money”
