Gap chief people officer Peters to leave at end of the year

Gap announced today that Mary Beth Laughton, President and CEO of Athleta is exiting the business, effective today. "We believe Athleta has incredible potential, but it has suffered from product acceptance challenges over the past several quarters. As we look to capitalize on this potential and remain competitive amidst a dynamic landscape, we believe now is the right time to bring in a new leader who can position Athleta for long-term success," Mr. Martin concluded. "I want to thank Mary Beth for her leadership and commitment to igniting the limitless potential of women and girls." While a search is underway, Gap Inc. Executive Chairman and Interim CEO, Bob Martin, will work closely with the Athleta team to lead through this transition until a new Brand President is identified. The company also announced that Sheila Peters, Chief People Officer, will leave the company at the end of the year. As a critical part of our transformation efforts, Sheila will continue in her role enabling our people and culture through experiences and practices needed to fuel our business, while helping to identify and transition her successor.