Pressler Leaving Gap Inc.

SAN FRANCISCO-Paul Pressler is stepping down as president and chief executive officer of retailer Gap Inc., as the apparel company continues to face sales woes. The top executive at Gap is leaving after four years and Paul Fisher, the company’s chairman will temporarily replace Pressler.

Pressler’s compensation package is not nearly as large as the $225-million one Robert Nardelli, former top executive of the Home Depot, is slated to receive. Gap’s board decided to give Pressler a total of $14 million in salary, stock options and other compensation if he does not accept employment for two years.

Pressler’s departure follows the recent exit of two high-level executives from Gap Inc. Denise Johnston stepped down as president of the Gap Adult division, while Ivy Ross left the position of executive vice president of product design at Old Navy.