Gap names H&M global exec as president of Old Navy

San Francisco -- Gap Inc. announced Monday that it has appointed former H&M global sales head Stefan Larsson as the new president of Old Navy, effective the end of October.

Larsson replaces Tom Wyatt, who left the company in February.

The move is expected to pay dividends for Gap as it preps to open its first overseas Old Navy store – in Japan – this July.

Nancy Green, executive VP and chief creative officer, and Tom Sands, executive VP stores and operations, will continue to jointly lead Old Navy until Larsson joins the company in the fall.

Gap is on a mission to rework Old Navy, a victim last year of falling sales and rising costs. The retailer named Nike VP global apparel Jill Stanton as creative advisor earlier this year as part of its move to take the brand international.