-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OcF6TSOIYWjVc72PgZ12U+8BPV1sFX7uL3dLxRtDcUMeiV4LyCyZ8iX9DwG35tXF Mq45DeuHNoLEt3jmbgGf+A== 0001021408-02-007533.txt : 20020522 0001021408-02-007533.hdr.sgml : 20020522 20020522144746 ACCESSION NUMBER: 0001021408-02-007533 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020522 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020522 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GAP INC CENTRAL INDEX KEY: 0000039911 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-FAMILY CLOTHING STORES [5651] IRS NUMBER: 941697231 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07562 FILM NUMBER: 02659764 BUSINESS ADDRESS: STREET 1: ONE HARRISON CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 4159524400 MAIL ADDRESS: STREET 1: ONE HARRISON STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 FORMER COMPANY: FORMER CONFORMED NAME: GAP STORES INC DATE OF NAME CHANGE: 19850617 8-K 1 d8k.txt REPORT DATED MAY 22, 2002 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 --------------------------------------------------------------------- Date of Report (Date of earliest event reported) May 22, 2002 THE GAP, INC. --------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 1-7562 94-1697231 - ------------------------- ---------------------- ---------------------------- (State of incorporation) (Commission File Number) (IRS Employer Identification No.) Two Folsom Street San Francisco, California 94105 ----------------------------------------------- ------------------ (Address of principal executive offices) (Zip Code) (650) 952-4400 ------------------------------------- (Registrant's telephone number, including area code) N/A - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Item 5. Other Events. On May 21, 2002, The Gap, Inc. (the "Company") issued a press release announcing that Millard S. Drexler, Chief Executive Officer and President of the Company will retire as soon as the Board of Directors appoints a new Chief Executive Officer and President. A copy of this press release is attached hereto as Exhibit 99.1. Item 7. Exhibits. 99.1 Press Release dated May 21, 2002 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. THE GAP, INC. (Registrant) Date: May 22, 2002 By: /s/ Anne B. Gust ------------------ Anne B. Gust Executive Vice President and Chief Administrative Officer EXHIBIT INDEX Exhibit Number Description - -------------- ----------- 99.1 Press Release dated May 21, 2002 EX-99.1 3 dex991.txt PRESS RELEASE DATED MAY 21, 2002 Exhibit 99.1 Gap Inc. CEO and President Millard S. Drexler Announces Plans to Retire; Board Launches Search for New CEO SAN FRANCISCO -- May 21, 2002 -- Millard S. Drexler, CEO and President of Gap Inc. (NYSE:GPS), today announced his plans to retire later this year as soon as the Board of Directors appoints a new CEO and President. Commenting on his decision, Mr. Drexler said: "I've always loved being close to merchandise, customers and the creative parts of our business. In a company the size of ours, the broader demands of being CEO have pulled me away from the things I'm most passionate about. "I believe Gap, Old Navy and Banana Republic are now in a position to offer the product assortments our customers expect and that reflect what our brands have always stood for," Mr. Drexler said. "The time is right for me to move on, and for the company to bring in new leadership to take the business forward." Board Chairman Donald G. Fisher, and board members Bob Fisher, Adrian Bellamy and Arun Sarin, were appointed to lead the search and find a successor as quickly as possible. In the interim, Mr. Drexler will continue in his current role as CEO and President, and acting President of the company's Gap brand. The company expects to name a new Gap brand president this summer. "We respect Mickey's decision to retire after almost 19 years with the company," Mr. Fisher said. "Mickey's been a dynamic partner. His merchandising passion, creativity, and entrepreneurial instincts helped build three of the world's most well-known retail apparel brands. "In launching a search for a new CEO and President, the board will be looking for someone with broad experience and leadership skills to move us forward, create sustainable growth for Gap, Old Navy and Banana Republic, and drive long-term shareholder value," Mr. Fisher said. "As we make this transition, the board remains confident that our brands are making the changes necessary to begin generating improved performance," Mr. Fisher said. "So far in May, our consolidated comparable stores sales are better than the negative 17 percent we reported for first quarter." Investor Relations: Media Relations: Michelle Weaver Alan Marks 650-874-7780 415-427-6561 Forward-Looking Statements The information made available on this press release contains certain forward-looking statements which reflect Gap Inc.'s current view of future events and financial performance. Wherever used, the words "expect," "plan," "anticipate," "believe," "may" and similar expressions identify forward-looking statements. Any such forward-looking statements are subject to risks and uncertainties and the company's future results of operations could differ materially from historical results or current expectations. Some of these risks include, without limitation, ongoing competitive pressures in the apparel industry, risks associated with challenging domestic and international retail environments, changes in the level of consumer spending or preferences in apparel, trade restrictions and political or financial instability in countries where the company's goods are manufactured and/or other factors that may be described in the company's annual report on Form 10-K and/or other filings with the Securities and Exchange Commission. Future economic and industry trends that could potentially impact revenues and profitability are difficult to predict. The company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. -----END PRIVACY-ENHANCED MESSAGE-----