GAP STOCK SINKS AFTER CEO SENT PACKING

Gap Inc. shares fell the most in 15 months after the company embarked on a search for a new leader. Jeff Kirwan, CEO of the Gap brand, will leave the company and a search is underway for a replacement, the San Francisco- based retailer said Tuesday. In the interim, Brent Hyder, executive vice-president of global talent and sustainability, will oversee the unit. Kirwan took over in 2014 with the chain in turmoil as sales continued to slide. He overhauled its operating model to improve the ability to test products and quickly stock designs that sold well. He also focused on improving the quality and fit of its offerings. Still, comparable sales at the chain — a closely watched measure — fell in 13 of the past 15 quarters. The stock declined five per cent Tuesday to close at US$31.63.