Gap Inc. Names Jack Calhoun President of Banana Republic

Business Wire, Oct 11, 2007

SAN FRANCISCO -- Gap Inc. (NYSE: GPS) announced today that Jack Calhoun has been appointed president of Banana Republic, effective immediately. Calhoun, 43, has been serving as interim president since February 2007 when his predecessor, Marka Hansen, was appointed president of Gap North America. He will continue to report to Gap Inc. Chairman and CEO Glenn Murphy.

"Over the past four years, Jack has established a strong track record within Banana Republic that's enhanced our accessible luxury brand aesthetic," Mr. Murphy said today. "Jack's leadership of the brand, marketing expertise and merchandising contributions demonstrate that he's the right leader to build upon the brand's success."

"It's a true privilege to lead Banana Republic and the talented team we have here," said Mr. Calhoun. "Banana Republic is a strong brand with a great heritage - and I'm excited to have the opportunity to help the brand realize its tremendous potential."

Mr. Calhoun joined Banana Republic as executive vice president of marketing in 2003. In 2005 he was given additional responsibilities for non-apparel merchandising, including Banana Republic's line of personal care products and handbag collection. Mr. Calhoun began his career in brand management with The Procter & Gamble Co. after receiving a bachelor's degree from Purdue Univ., and an M.B.A. from Harvard Business School.

Separately, the company today announced the departure of Deborah Lloyd, 43, head of design for Banana Republic, effective Oct. 19. While the company conducts an internal and external search for her replacement, Nick Coe, 45, senior vice president of merchandising, will temporarily support the design team during this transition. Mr. Coe joined the company in 2005 as vice president of men's merchandising and was promoted earlier this year. He served for more than 20 years in key U.S. and international merchandising roles for Levi Strauss & Co.

"Deborah has made many important contributions, including leading Banana Republic's talented and tenured team of designers," said Mr. Calhoun. "I've personally enjoyed working with Deborah for the past four years, and speak for our entire team when I wish her well in the future."

About Gap Inc.

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, Old Navy, and Piperlime brand names. Fiscal 2006 sales were $15.9 billion. Gap Inc. operates more than 3,100 stores in the United States, the United Kingdom, Canada, France, Ireland and Japan. In addition, Gap Inc. is expanding its international presence with franchise agreements for Gap and Banana Republic in Asia and the Middle East. For more information, please visit gapinc.com.