Gap Inc. Hires Jack Calhoun as Head of Banana Republic Marketing

Business Wire, March 26, 2003

Business Editors

SAN FRANCISCO--(BUSINESS WIRE)--March 26, 2003

Gap Inc. (NYSE:GPS) today announced that Jack Calhoun is joining the company as Executive Vice President, Marketing, for Banana Republic.

Mr. Calhoun, 38, will oversee all aspects of marketing for Banana Republic. He will report to Banana Republic President, Maureen Chiquet. Mr. Calhoun succeeds Amy Schoening, who resigned the position.

Previously, Mr. Calhoun was Executive Vice President for Brand Management & Advertising at Charles Schwab. Prior to that, he spent six years leading advertising teams at Foote, Cone & Belding; Citron Haligman Bedecarre; and Young & Rubicam, where he served as general manager of the San Francisco office. Mr. Calhoun has also held marketing positions at Levi Strauss & Company and The Procter & Gamble Company. He received his M.B.A. from Harvard Business School.

"With 15 years of broad marketing and advertising experience, Jack has a strong track record of leading and inspiring creative and strategic teams," said Maureen Chiquet, President, Banana Republic. "Jack's brand management experience from both agency and client perspectives will be valuable as he leads Banana Republic's efforts to strengthen our customer relationships and further enhance our brand image."

Gap Inc. is a leading international specialty retailer offering clothing, accessories and personal care products for men, women, children and babies under the Gap, Banana Republic and Old Navy brand names. Fiscal 2002 sales were $14.5 billion. As of March 1, 2003, Gap Inc. operated 4,249 store concepts (3,114 store locations) in the United States, the United Kingdom, Canada, France, Japan and Germany. In the United States, customers also may shop the company's online stores at gap.com, BananaRepublic.com and oldnavy.com.