Gap announced Wednesday it’s poached a top Mattel executive to be its new CEO as the apparel giant seeks to reverse an ongoing sales slump and regain its relevancy in the fashion industry.
Richard Dickson, the president and chief operating officer at Mattel, was chosen as Gap’s top boss after a year-long search that began last summer when former CEO Sonia Syngal left the company.
Since then, Gap’s chairman Bob Martin has been serving as interim CEO during a longer-than-expected search for a replacement. During a May earnings call, Martin told investors he didn’t expect to hold the position as interim CEO as long as he had.
Dickson, who has been a member of Gap’s board since November 2022, will leave his current position at Mattel on August 3 and start the new role on August 22, earning an annual base salary of $1.4 million. Martin will remain chair of the board.