President of Old Navy resigns
San Francisco -- Gap Inc. announced Thursday that Tom Wyatt, president of Old Navy, will leave the chain, effective Feb. 3, 2012. The company named two senior Old Navy executives — Nancy Green, executive VP and chief creative officer, and Tom Sands, executive VP of stores and operations — to assume his duties while a search is held for a permanent replacement.
Wyatt, 56, was appointed president of Old Navy in 2008. He is leaving the chain to become the CEO of Portland, Ore.-based childhood education company Knowledge Universe.
In a statement, Wyatt said, “This was probably one of the most difficult decisions I’ve had to make. An opportunity came my way that allows me to devote myself to helping children get the education they deserve. Working with the strong leadership team at Old Navy, I’m both proud of what we’ve accomplished over the past four years and confident in the plans in place to improve the brand’s performance in 2012 and beyond.”