[Isaac]

Gap bounced back during Pressler's first 18 months on the job, and he won high marks for closing poorly performing stores and instilling more financial discipline. But he never demonstrated a great deal of fashion sense or the ability to hire people who did — a shortcoming that damaged Gap's brand as more shoppers defected to merchants that offered more hip choices or lower prices.
"The back end of the house was something that Paul did a phenomenal job," said Bobbie Lenga, managing director of the retail practice at executive recruiter Russell Reynolds Associates. "But he is not a strong product person. Product is what drives the business."
Lenga expects Gap to have a tough time finding a dynamic new leader because turning around the company will be an extraordinarily difficult assignment.
Coming off a lackluster 2005, Pressler vowed to turn things around in 2006 and projected earnings in the same range as the previous year.
Instead, Gap's deterioration worsened as the year progressed, prompting Pressler to lower his earnings guidance three times.
The final straw apparently came earlier this month when Pressler warned that Gap's profit for fiscal 2006 will end up about $300 million, or 40 cents per share, below the target he set at the year's outset.

http://news.yahoo.com/s/ap/20070122/..._ceo_resigns_7



I'm surprised he lasted this long.