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Gap’s CEO of its namesake brand stepping down

NEW YORK — Gap says the president and CEO of its namesake business is stepping down and it’s looking for a replacement.

Jeff Kirwan, who joined Gap in 2004, took the helm of the retailer’s brand four years ago.

Brent Hyder, Gap executive vice president of global talent and sustainability, will serve as interim brand president.

Gap, once the cool brand in the 1990s, has lost its way as it wrestles with stiffer competition from the likes of fast-fashion players like H&M.

The brand saw improving sales in its fiscal third quarter, but Gap Inc.’s CEO says it needs a new leader to take it to the next level. The San Francisco company also operates Old Navy and Banana Republic stores.

Gap’s shares fell nearly 4 percent to $31.96 in morning trading.

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