He helped pioneer ‘cheap chic’ at Target in the 2000s. Can he do the same for Old Navy?
Apparel retailer https://www.fastcompany.com/91187218/old-navy-was-cool-90s-zac-posen-plan">Old Navy is being thrown another lifeline.
On Thursday, August 27, parent company Gap Inc. announced Michael Francis as president and CEO of Old Navy.
Francis is relatively new to the company, having joined in March as chief customer officer, Old Navy, and head of https://www.fastcompany.com/section/marketing" title="Marketing">marketing shared services.
His upcoming position will begin on November 2, with current CEO Haio Barbeito transitioning into an advisory role.
“Old Navy is poised for its next chapter of growth, and Michael is uniquely equipped to step into this operating role,” Gap president and CEO Richard Dickson said in the announcement. “Michael is one of the most respected commercial, brand and customer leaders in retail.
His experience building iconic brands, cultivating customer connections, and driving transformation at scale will help Old Navy strengthen its relevance, accelerate growth, and deliver even greater value for customers.”
Making a difference at the largest U.S. retailers
Francis https://mspmag.com/shop-and-style/how-target-conquered-the-world-in-the-2000s/">helped cultivate Target’s “cheap chic” image in the https://www.economist.com/business/2004/10/14/on-target">early 2000s, which at the time helped set the Minnesota-based retailer apart from low-priced competitors like Walmart and Kmart.
Francis spent 26 years at Target in roles like executive vice president and chief marketing officer.
He then spent another decade at Walmart supporting its revenue growth.
Now, Old Navy is looking to Francis to support its own turnaround.
The announcement coincided with https://s204.q4cdn.com/320226404/files/doc_financials/2026/q2/Gap-Inc-Q2_2026-Earnings-Press-Release.pdf">Gap’s second quarter earnings report, which highlighted Old Navy’s struggles.
The brand’s net sales fell 4% year-over-year (YOY) to $2.1 billion.
The company said this figure reflected “expected pressure in the women’s seasonal assortment in addition to an unanticipated slowdown in traffic.
Meanwhile, https://www.fastcompany.com/91570564/how-gap-ceo-uses-brand-love-to-track-the-companys-comeback">Gap’s net sales were up 9% YOY to $844 million.
The company also owns Banana Republic (up 1% YOY) and Athleta (down 12% YOY).
Shares of Gap Inc. (NYSE: GAP) rose more than 18% during premarket trading on Friday.
The stock has largely struggled this year and was down more than 17% year to date as of Thursday’s close.