Top Banana Resigns

Gap Inc. (San Francisco) announced that Maureen Chiquet has resigned as president of the company's Banana Republic division. Chiquet, who became president in August 2002, has accepted a position as president-elect of Chanel Inc.

“Although we regret to see Maureen go, we understand and respect her decision,” says Gap president and ceo Paul Pressler. “Maureen has the opportunity to join a legendary fashion brand and we wish her much success.”

Chiquet joined the company in 1988 in Gap merchandising before moving to the company's Old Navy division in 1994. In 2001, she was named executive vp, merchandising, production and planning at Old Navy, a position she held prior to moving to Banana Republic in 2002.

In the search for a successor, Gap says it will consider internal and external candidates with strong merchandising and retail apparel expertise.

Recently, the specialty fashion apparel retailer, operator of Gap, Old Navy and Banana Republic divisions, reported net sales of $1.4 billion for the five-week period ended April 5, 2003, a 13 percent increase from last year. Same-store sales for March increased 9 percent. The Banana Republic division reported its comparable sales for March 2003 dropped 5 percent.