employment agreement severance agreement

Gap CEO Closes Shop

Gap Inc. announced that CEO Paul Pressler will step down from his position as president and chief executive officer of the company, as well as resign his seat on the company’s board, effective immediately.

Pursuant to the Employment Agreement between Gap Inc. and Paul Pressler, Pressler is eligible for up to approximately $14 million associated with his severance with the company, assuming a company stock price of $20 per share, which Gap did hit in after-hours once news of the resignation filtered out.

One reply on “Gap CEO Closes Shop”

I have absolutely no respect for Donald Fehr!
Fehr is someone who has an ego! I hope there is a real good commissioner who will make it their first act as to have Donald Fehr barred for life. Someone was exactly right when they told me that Tommy Lasorda would do great as the head of the Players Association.

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