9 months ago
58 Pedestrians locomotion past Old Navy and GAP stores successful Times Square, New York City.
Drew Angerer | Getty Images
Gap announced Wednesday it's poached a apical Mattel enforcement to beryllium its caller CEO arsenic the apparel elephantine seeks to reverse an ongoing income slump and regain its relevancy successful the manner industry.
Richard Dickson, the president and main operating serviceman astatine Mattel, was chosen arsenic Gap's apical brag aft a year-long hunt that began past summertime erstwhile erstwhile CEO Sonia Syngal near the company.
Since then, Gap's president Bob Martin has been serving arsenic interim CEO – a presumption helium didn't expect to clasp arsenic agelong arsenic helium had arsenic the institution struggled to find the close idiosyncratic for the role, he told investors during a May net call.
During his tenure with Mattel, Dickson is credited with reviving the Barbie franchise and increasing the toymaker's different apical brands, including Hot Wheels and Fisher-Price, according to Mattel.
He archetypal joined Mattel successful 2000 and astir precocious led its planetary marque portfolio, overseeing strategy, marque marketing, plan and development. In the position, helium besides oversaw franchise management, including licensing and merchandising, unrecorded events and integer gaming.
Dickson has besides held positions astatine Bloomingdales and The Jones Group. The Wall Street Journal archetypal reported his assignment to Gap.
Dickson joins Gap astatine a low-point successful the retailer's history.
The institution has been grappling with a years-long income slump and a bid of enactment shakeups crossed its portfolio of brands, which includes Athleta, Banana Republic, Old Navy and its namesake banner.
Since past fall, Gap has laid disconnected much than 2,000 workers successful an effort to streamline operations and chopped costs.
In its astir caller 4th ended April 29, income were down 6% from the year-ago play to $3.28 billion. It reported a quarterly nett nonaccomplishment of $18 million, betterment from a nonaccomplishment of $162 cardinal successful the anterior year.
