International clothing retailer Gap Inc. has announced its current executive vice president of corporate finance and acting chief financial officer will take over the CFO spot permanently.
Sabrina Simmons, 44, will assume the position vacated by former CFO Byron Pollitt who left Gap late last summer.
Pollitt left to join Visa Inc. as its CFO a month after the company brought in its new chief executive and chairman Glen Murphy. Pollitt had been with Gap for four years.
Simmons has been with Gap for seven years, where she started as vice president and treasurer. She said in a statement that she looks forward to developing “near- and long-term strategies to enhance shareholder value.”
The company, which operates the Gap, Old Navy, and Banana Republic brands and has more than 3,000 stores throughout the world, has struggled with a two-year slump in profits.
Simmons will report directly to Murphy, who said in a statement that he had been impressed with her “deep knowledge of specialty retail, strong financial acumen and personal integrity.”
“After working closely with Sabrina, it became clear that she has proven herself to be extremely capable and is the right person to partner with me and our business leaders to drive our financial priorities,” Murphy said.
In her previous position, Simmons was responsible corporate finance functions, such as controllership, corporate finance planning and analysis, investor relations, treasury, tax and risk management.
Before joining Gap Simmons was the CFO for the British genetics company Sygen International PLC, now owned by Genus.