After a terrible holiday season, American clothing retailer Gap Inc. fired Chief Executive Officer Paul Pressler with a $14 million retirement package. In addition to Gap clothing stores, the 3,100-store chain includes the Old Navy and Banana Republic brands. Robert Fisher, the chairman and son of the company's two founders Don and Doris Fisher. will take over as interim CEO until the company finds a replacement for Pressler. After word spread that Gap had hired the services of investment firm Goldman Sachs. there were rumors that the company would be sold to private equity investors, but on Thursday Fisher denied these rumors. A Bank of America analyst suggested that Gap might auction off Banana Republic, their currently most successful division.
