Top Gap

Gap Inc. (San Francisco) has promoted the president of its Banana Republic division to president of Gap U.S.A., its struggling flagship brand. Gary Muto has led Banana Republic since April 2001. His spot will be filled by Maureen Chiquet, who is currently executive vp of merchandising for the company's Old Navy division.

Muto started at Gap in 1988 in merchandising and moved to Banana Republic in 1995. Chiquet also joined Gap in 1988 in merchandising before moving to Old Navy in 1994. She has held her current position since March 2001.

Both will report to Gap's acting president, Millard “Mickey” Drexler, until Drexler's successor is named. The retailer has seen slumping sales for the past two years, and some analysts interpreted Drexler's surprise retirement announcement in May as a sign the company's problems run deeper than just stocking the wrong clothes in its three major retail chains.