Gap Inc. Announces Leadership Transition at Old Navy

Gap (NYSE: GAP) announced a leadership change at Old Navy, appointing Michael Francis as President and CEO effective November 2, 2026, succeeding Haio Barbeito, who will move into an advisory role.

Rhea-AI Summary

Gap (NYSE: GAP) announced a leadership change at Old Navy, appointing Michael Francis as President and CEO effective November 2, 2026, succeeding Haio Barbeito, who will move into an advisory role. Francis, currently Chief Customer Officer, Old Navy, brings over four decades of commercial, marketing, and transformation leadership across major U.S. retailers, including Target, Walmart (as strategic advisor), JCPenney and DreamWorks Animation. According to Gap, Old Navy has grown annual revenue by nearly $0.5 billion since its transformation began, and Francis will focus on brand storytelling, omni-channel customer experience, and elevating in-store experiences to deepen Old Navy’s connection with families.

Positive

• Michael Francis named Old Navy CEO, effective November 2, 2026
• Over four decades of commercial and marketing leadership experience
• Strategic advisor to Walmart helped support ~$200 billion revenue growth
• Old Navy annual revenue up by nearly $0.5 billion since transformation began
• Outgoing CEO Haio Barbeito to remain in an advisory role

Negative

• None.

Argus Aug 28 session 52 alerts

+13.08% close to close 683.2x rel. volume Open Argus

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News Market Reaction – GAP

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On Aug 28, the first trading day after this news, GAP closed 13.08% above the previous close. Argus tracked a peak move of +7.6% during that session. Our momentum scanner recorded 52 alerts for this stock that day. Relative volume reached 683.2x the daily average during tracking.

Data tracked by StockTitan Argus for the Aug 28 session.

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SAN FRANCISCO, Aug. 27, 2026 /PRNewswire/ -- Gap Inc. (NYSE: GAP) today announced the appointment of Michael Francis as President and Chief Executive Officer of Old Navy, effective November 2, 2026. Francis will succeed Haio Barbeito, who will transition from his operating role into an advisory capacity.

Francis joined Gap Inc. in March 2026 as Chief Customer Officer, Old Navy, and Head of Marketing Shared Services. An award-winning C-suite executive, entrepreneur, and strategic advisor, Francis has launched and scaled dozens of brands for global companies, designers, and cultural icons. His leadership experience spans over four decades of commercial, marketing and business transformation leadership across the leading U.S. consumer brands and retailers. 

As strategic advisor to Walmart's c-suite and board for a decade, Francis supported the world's largest retailer in growing nearly $200 billion in revenue through its evolution into an omni-channel, e-commerce, membership and advertising business. This followed meaningful marketing and operating roles at DreamWorks Animation and JCPenney, led by a 26-year career at Target, where he served as EVP and Chief Marketing Officer for over a decade. He also previously consulted with Gap Inc. as part of broader portfolio engagement work.

Beginning his career on the retail sales floor, Francis built a leadership philosophy grounded in the belief that exceptional customer experiences start at the frontline. Throughout his career, Francis has combined deep consumer insight, strategic and operational rigor, and creative vision to drive growth, commercial resiliency, brand relevance, and customer loyalty. 

"Old Navy is poised for its next chapter of growth, and Michael is uniquely equipped to step into this operating role," said Richard Dickson, President and Chief Executive Officer of Gap Inc. "Michael is one of the most respected commercial, brand and customer leaders in retail. His experience building iconic brands, cultivating customer connections, and driving transformation at scale will help Old Navy strengthen its relevance, accelerate growth, and deliver even greater value for customers." 

In his new role, Francis and the Old Navy team will continue to build upon the transformation already underway. His focus will include strengthening the brand's storytelling across commercial and marketing channels, enhancing the omni-channel customer experience, elevating in-store experiences, and deepening Old Navy's connection with the families it serves. 

"Old Navy is an iconic American brand with a unique place in the lives of millions of customers," said Michael Francis. "I am honored to lead this incredible team and excited by the opportunities ahead. Together, we will continue to sharpen our customer focus, strengthen the brand's cultural relevance, enhance the customer experience across every touchpoint, and build on the momentum already underway." 

Dickson added, "I want to thank Haio for his leadership in strengthening Old Navy's foundation, scaling our strategic categories and positioning the business for its next phase of growth. Since the beginning of our transformation, Old Navy has grown its annual revenue by nearly half a billion dollars, further reinforcing its position as the #1 specialty apparel brand and retailer in the U.S. We are grateful for Haio's partnership and counsel as we focus on a seamless transition of leadership." 

Barbeito said, "Leading Old Navy has been one of the great privileges of my career. I am incredibly proud of what the team has accomplished and confident in the brand's future. I look forward to supporting Michael and the broader Gap Inc. leadership team in an advisory role as Old Navy continues to advance its strategy and unlock its full potential."

About Gap Inc.
Gap Inc., a purpose-driven house of iconic brands, is the largest specialty apparel company in America. Its Old Navy, Gap, Banana Republic, and Athleta brands offer clothing, accessories and lifestyle products for men, women and children worldwide through company-operated and franchise stores and e-commerce sites. Through Encore, its cross-brand membership program, Gap Inc. connects members across its portfolio to rewards, benefits and exclusive experiences. Since 1969, Gap Inc. has created products and experiences that shape culture while doing right by employees, communities and the planet. For more information, please visit www.gapinc.com.

Media Relations Contact:
Press@gap.com

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SOURCE Gap Inc.

FAQ

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What leadership change at Old Navy did Gap (NYSE: GAP) announce on August 27, 2026?

Gap announced that Michael Francis will become President and CEO of Old Navy, succeeding Haio Barbeito. According to Gap, Francis assumes the role on November 2, 2026, while Barbeito transitions from his operating position into an advisory capacity to support leadership continuity.

When does Michael Francis officially become CEO of Old Navy for Gap (NYSE: GAP)?

Michael Francis is scheduled to assume the role of President and CEO of Old Navy on November 2, 2026. According to Gap, he will step up from his current position as Chief Customer Officer, Old Navy, and Head of Marketing Shared Services at that time.

What is Michael Francis’s background before becoming Old Navy CEO at Gap (NYSE: GAP)?

Michael Francis has more than four decades of commercial and marketing leadership across major U.S. retailers. According to Gap, he spent 26 years at Target as EVP and Chief Marketing Officer, advised Walmart’s c-suite and board, and held roles at JCPenney and DreamWorks Animation.

How has Old Navy’s revenue changed during its transformation, according to Gap (NYSE: GAP)?

Old Navy’s annual revenue has increased by nearly half a billion dollars since its transformation began. According to Gap, this growth has reinforced Old Navy’s position as the number one specialty apparel brand and retailer in the United States, supporting the brand’s next phase under new leadership.

What will Haio Barbeito’s role be after stepping down as Old Navy CEO at Gap (NYSE: GAP)?

Haio Barbeito will move from his operating role into an advisory capacity following the leadership transition. According to Gap, he will provide partnership and counsel to support Michael Francis and the broader leadership team as Old Navy continues executing its strategic transformation.

What strategic priorities will Michael Francis focus on as Old Navy CEO at Gap (NYSE: GAP)?

Michael Francis will focus on strengthening brand storytelling, omni-channel customer experience, and in-store engagement. According to Gap, he also aims to deepen Old Navy’s connection with families it serves and build on the business momentum and transformation already underway at the brand.