Millard Drexler

Millard Drexler Named Gap Inc. Chief Operating Officer: Drexler, also president of the San Francisco-based apparel company, succeeds Robert J. Fisher, who becomes executive vice president and chief financial officer.

Gap Inc. said retiring Chief Executive Millard Drexler exercised about 14.5 million options, increasing his stock ownership in the firm. Drexler exercised all of his in-the-money options, of which 13.5 million were scheduled to expire in November 2003, at an exercise price of $5.79 a share. He then sold 11 million shares to cover the exercise prices and taxes. The moves increased his total stake in Gap, the nation's largest apparel company, to about 13 million shares, from 9.5 million.

Millard Drexler Named Gap Inc. Chief Operating Officer: Drexler, also president of the San Francisco-based apparel company, succeeds Robert J. Fisher, who becomes executive vice president and chief financial officer.

Gap Inc. said retiring Chief Executive Millard Drexler exercised about 14.5 million options, increasing his stock ownership in the firm. Drexler exercised all of his in-the-money options, of which 13.5 million were scheduled to expire in November 2003, at an exercise price of $5.79 a share. He then sold 11 million shares to cover the exercise prices and taxes. The moves increased his total stake in Gap, the nation's largest apparel company, to about 13 million shares, from 9.5 million.

The early years of Andy Spade's influence on the fashion world are well-documented: In 1993, he helped launch the Kate Spade handbag line with his future wife (the eponymous Kate). That was followed in 1996 by the Jack Spade line of utilitarian men's bags. A decade later, fashion's first couple decided to sell their stakes in a business that generated a reported $84 million in net sales in fiscal year 2006, remained as consultants for a year and then exited the company altogether in 2007.

Gap Inc., San Bruno, has appointed Jerome DeChant president of the Gap division, a position formerly held by Gap Inc. President Millard Drexler. DeChant, 36, most recently was executive vice president-merchandising for the division. Gap also announced the promotions of Patricia DeRosa and Richard McNally from vice presidents to senior vice presidents and general merchandise managers for men's and women's clothing respectively. J. Neal Vantosky was promoted to the new position of senior vice president for product development at Gap Inc. He will be based in New York.

Gap Inc., the largest U.S. clothing retailer, on Friday saw its credit rating outlook cut to negative by Moody's Investors Service. The company's long-term debt rating was confirmed at Ba3. The outlook change reflects a concern that Gap will fail to meet profit expectations for 2002. There also are uncertainties now that President and Chief Executive Millard Drexler is retiring. His move comes after 24 months of declining same-store sales.

Gap Inc. said fiscal first-quarter earnings rose a better-than-expected 61% as the retailer's advertising campaigns boosted sales of spring fashions such as jeans, khakis and T-shirts. Net income rose to $136.1 million, or 34 cents a diluted share, from $84.3 million, or 20 cents, in the year-ago quarter. San Francisco-based Gap was expected to earn 31 cents. Gap's revenue surged 40% to $1.72 billion as it sold more items at full price.

J. Crew Group Inc., an operator of casual-clothing stores, had its first profit since former Gap Inc. chief Millard Drexler was hired as chief executive seven months ago. It posted fiscal second-quarter net income of $15.2 million, contrasted with a net loss of $7.1 million a year earlier. Sales in the period ended Aug. 2 fell less than 1% to $167.1 million, the closely held firm said. Sales at stores open at least a year rose 2%. New York-based J.