Richard Dickson, president and chief operating officer at Mattel who is credited for reviving the firm’s Barbie franchise, was poached by Apparel giant Gap.

Richard Dickson will leave his position at the toymaker on August 3 and will join as Gap's new CEO on August 22, according to a statement issued by Gap.

Mattel made the announcement to its staff about Dickson’s departure on Wednesday (July 27), just days after the “Barbie” movie raked in $155 million in the last three days, making it the biggest film debut so far this year.

Dickson had been serving Mattel for at least two decades. He has been hailed for “reinvigorating Mattel’s iconic brands, including Barbie, Hot Wheels and Fisher-Price,” Gap’s statement said.

For at least a year, Gap has been looking to fill the shoes of its former CEO Sonia Syngal who left the company in July 2022.

<h2>Gap's year-long search for&nbsp;successor ends</h2>

Dickson will be filling the shoes of Gap’s former CEO Sonia Syngal who left the company.

Since then, Gap’s chairman Bob Martin has been serving as the interim CEO. But during a May earnings call, Martin told investors that he didn’t expect to hold the position of interim CEO as long as he had.

“Gap Inc. is a portfolio of iconic brands, known for having defined American style with bold thinking and making quality fashion accessible to millions. But it’s the work ahead that excites me most - the chance to work hand-in-hand with the teams to evolve Gap Inc. for a new era,” Dickson said in a statement.

“Under Bobby’s leadership, the team has begun to truly reset the company for long-term success, establishing a new foundation that I’m eager to build on.”

<h2>Dickson joins Gap at critical juncture</h2>

Dickson, a UCLA graduate, joined Mattel in 2000 and looked after its global brand portfolio, overseeing strategy, brand marketing, design and development.

He also oversaw franchise management, including licensing and merchandising, live events and digital gaming.

Months before the highly anticipated release of the Barbie movie, the 55-year-old entered into licensing agreements with&nbsp;more than 100 brands, including Gap, to sell a range of Barbie-themed merchandise, turning the iconic pink doll into a ubiquitous brand.

Dickson is joining Gap at a time when it's struggling to right-size its business and win back customers.

The garment company is also experiencing a yearslong sales slump and a series of leadership shake-ups across its portfolio of brands: Athleta, Banana Republic, Old Navy and its namesake banner.&nbsp;

In April, Gap laid off more than 2,000 workers to streamline operations and cut costs.&nbsp;

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Richard Dickson, president and chief operating officer at Mattel who is credited for reviving the firm’s Barbie franchise, was poached by Apparel giant Gap. Richard Dickson will leave his position at the toymaker on August 3 and will join as Gap's new CEO on August 22, according to a statement issued by Gap.

Richard Dickson, president and chief operating officer at Mattel who is credited for reviving the firm’s Barbie franchise, was poached by Apparel giant Gap. Richard Dickson will leave his position at the toymaker on August 3 and will join as Gap's new CEO on August 22, according to a statement issued by Gap. Mattel made the announcement to its staff about Dickson’s departure on Wednesday (July 27), just days after the “Barbie” movie raked in $155 million in the last three days, making it the biggest film debut so far this year. Dickson had been serving Mattel for at least two decades. He has been hailed for “reinvigorating Mattel’s iconic brands, including Barbie, Hot Wheels and Fisher-Price,” Gap’s statement said. For at least a year, Gap has been looking to fill the shoes of its former CEO Sonia Syngal who left the company in July 2022. Gap's year-long search for successor ends Dickson will be filling the shoes of Gap’s former CEO Sonia Syngal who left the company. Since then, Gap’s chairman Bob Martin has been serving as the interim CEO. But during a May earnings call, Martin told investors that he didn’t expect to hold the position of interim CEO as long as he had. “Gap Inc. is a portfolio of iconic brands, known for having defined American style with bold thinking and making quality fashion accessible to millions. But it’s the work ahead that excites me most - the chance to work hand-in-hand with the teams to evolve Gap Inc. for a new era,” Dickson said in a statement. “Under Bobby’s leadership, the team has begun to truly reset the company for long-term success, establishing a new foundation that I’m eager to build on.” Dickson joins Gap at critical juncture Dickson, a UCLA graduate, joined Mattel in 2000 and looked after its global brand portfolio, overseeing strategy, brand marketing, design and development. He also oversaw franchise management, including licensing and merchandising, live events and digital gaming. Months before the highly anticipated release of the Barbie movie, the 55-year-old entered into licensing agreements with more than 100 brands, including Gap, to sell a range of Barbie-themed merchandise, turning the iconic pink doll into a ubiquitous brand. Dickson is joining Gap at a time when it's struggling to right-size its business and win back customers. The garment company is also experiencing a yearslong sales slump and a series of leadership shake-ups across its portfolio of brands: Athleta, Banana Republic, Old Navy and its namesake banner. In April, Gap laid off more than 2,000 workers to streamline operations and cut costs. WATCH WION LIVE HERE

Gap poaches Richard Dickson from Mattel who is famed for reviving ‘Barbie’

Gap Inc&nbsp;said on Thursday Chief Executive Officer Art Peck will leave the company, a surprise exit in the middle of a restructuring that comes as the apparel retailer slashed its full-year earnings forecast, sending its shares down 7%.

Since taking the helm in 2015, Peck has tried to re-energize sales at the Gap brand, once a trendsetter with its casual logo-emblazoned hoodies and Khaki cargos, but it has recently struggled to keep pace with fast-fashion rivals such as Zara and H&amp;M.

On Thursday, the company estimated a 4% drop in third-quarter same-store sales, with declines across all its key brands including Old Navy.

The drop comes as the Gap brand also has heavily discounted in a competitive retail environment.

"Gap's whole portfolio is having a brand erosion crisis that we expect to only deepen with the current leadership vacuum," said Camilla Yanushevsky, research analyst at CFRA.

Earlier this year, Gap said it will separate its better-performing Old Navy brand and shutter about 230 stores of its namesake apparel business, a process likely to be completed by 2020.

Peck, who was to head the new Gap Inc, is credited with developing the company's "omni-channel" strategy that uses its retail stores and its digital platform to fulfill orders.

"Peck deserves a lot of credit for decisive corrective action and starting to rationalize the retail store base and deserves credit for streamlining the supply chain in a challenging international environment," said Burt Flickinger, managing director of Strategic Resource Group.

"Where he missed was their marketing and merchandising and pricing and promotional program."

Robert Fisher, a member of the founding family behind Gap and its non-executive board chairman, will become the chief executive officer on an interim basis, effective immediately, the company said.

But the company's dismal forecasts indicated that Peck's efforts are yet to yield results.

Gap also now expects full-year adjusted earnings per share of $1.70 to $1.75, down from its previous forecast of $2.05 to $2.15.

The quarter was "challenging", Chief Financial Officer Teri List-Stoll said, adding macro impact and slower traffic deepened the hit from product and operating challenges across key brands.

"(The) results also reiterate our skepticism that the spin-off of touted stronghold Old Navy can unlock value," analyst Yanushevsky said.

Shares of the company were down 7.4% at $16.71 in extended trading. The stock has lost nearly a third of its value this year.

Gap Inc said on Thursday Chief Executive Officer Art Peck will leave the company, a surprise exit in the middle of a restructuring that comes as the apparel retailer slashed its full-year earnings forecast, sending its shares down 7%.

Gap Inc said on Thursday Chief Executive Officer Art Peck will leave the company, a surprise exit in the middle of a restructuring that comes as the apparel retailer slashed its full-year earnings forecast, sending its shares down 7%. Since taking the helm in 2015, Peck has tried to re-energize sales at the Gap brand, once a trendsetter with its casual logo-emblazoned hoodies and Khaki cargos, but it has recently struggled to keep pace with fast-fashion rivals such as Zara and H&M. On Thursday, the company estimated a 4% drop in third-quarter same-store sales, with declines across all its key brands including Old Navy. The drop comes as the Gap brand also has heavily discounted in a competitive retail environment. "Gap's whole portfolio is having a brand erosion crisis that we expect to only deepen with the current leadership vacuum," said Camilla Yanushevsky, research analyst at CFRA. Earlier this year, Gap said it will separate its better-performing Old Navy brand and shutter about 230 stores of its namesake apparel business, a process likely to be completed by 2020. Peck, who was to head the new Gap Inc, is credited with developing the company's "omni-channel" strategy that uses its retail stores and its digital platform to fulfill orders. "Peck deserves a lot of credit for decisive corrective action and starting to rationalize the retail store base and deserves credit for streamlining the supply chain in a challenging international environment," said Burt Flickinger, managing director of Strategic Resource Group. "Where he missed was their marketing and merchandising and pricing and promotional program." Robert Fisher, a member of the founding family behind Gap and its non-executive board chairman, will become the chief executive officer on an interim basis, effective immediately, the company said. But the company's dismal forecasts indicated that Peck's efforts are yet to yield results. Gap also now expects full-year adjusted earnings per share of $1.70 to $1.75, down from its previous forecast of $2.05 to $2.15. The quarter was "challenging", Chief Financial Officer Teri List-Stoll said, adding macro impact and slower traffic deepened the hit from product and operating challenges across key brands. "(The) results also reiterate our skepticism that the spin-off of touted stronghold Old Navy can unlock value," analyst Yanushevsky said. Shares of the company were down 7.4% at $16.71 in extended trading. The stock has lost nearly a third of its value this year.

Gap CEO exiting as forecast cut casts doubt on turnaround

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Gap poaches Richard Dickson from Mattel who is famed for reviving ‘Barbie’

Gap CEO exiting as forecast cut casts doubt on turnaround