GAP INC. NAMES DAVID ZOBA HEAD OF CORPORATE REAL ESTATE
Retail Veteran will Drive Company’s Real Estate Strategy for Portfolio of Brands
SAN FRANCISCO – February 11, 2009 – Gap Inc. (NYSE: GPS) today announced David Zoba has joined the company as senior vice president of Corporate Real Estate. In this role, Zoba will work closely with the company’s Brand presidents in developing and delivering on the company’s commitment to optimize its global real estate fleet. Zoba will report to Glenn Murphy, chairman and CEO of Gap Inc., and serve on the company’s executive leadership team.
“David has impressive credentials gained during his career in real estate over the past three decades: he’s developed real estate strategies for retailers and has worked directly for both landlords and real estate developers,” said Glenn Murphy, chairman and CEO of Gap Inc. “He’s the ideal leader to guide our global real estate strategy."
In the past year, Gap Inc. has developed a comprehensive store-by-store real estate strategy to realize the full potential from the company’s real estate portfolio. The company has also identified global opportunities to expand its portfolio of brands through both owned-and-operated stores and agreements with franchise partners.
“It’s a perfect time to be joining Gap Inc., given the strength of these brands and the company’s strong cash position,” said Zoba. “I look forward to working with the company’s leaders to ensure each store location represents the best possible showcase for our brands’ products and offerings.”
Zoba began as a real estate attorney on Wall Street and quickly moved into shopping centers and corporate real estate. He joined The Limited in the mid-1990’s to lead real estate law, and then expanded his responsibility significantly to other areas during his seven years with the company. He subsequently worked for Galyan’s Trading Company, Inc., where as EVP he helped create and launch a specialty sporting goods retailer that later became part of Dick’s Sporting Goods. Most recently, Zoba was principal and chief operating officer for Steiner + Associates, one of the country’s most respected mixed-use retail developers.
Zoba earned his undergraduate degree from Harvard University and attended the London School of Economics for graduate studies. Zoba has a J.D. from Case Western Reserve University Law School.
This press release contains forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Words such as "expect," "anticipate," "believe," "estimate," "intend," "plan," "project," and similar expressions also identify forward-looking statements. Forward-looking statements include statements regarding: (i) optimizing the company’s real estate fleet, and (ii) expanding the company’s portfolio of brands.
Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause the company's actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the following: the risk that the company will be unsuccessful in gauging fashion trends and changing consumer preferences; the risk that changes in general economic conditions, consumer confidence, or consumer spending patterns will have a negative impact on the company's financial performance or strategies; the highly competitive nature of the company's business in the United States and internationally and its dependence on consumer spending patterns, which are influenced by numerous other factors; the risk that the company will be unsuccessful in identifying and negotiating new store locations and renewing leases for existing store locations effectively; the risk that comparable store sales and margins will experience fluctuations; the risk that the company will be unsuccessful in implementing its strategic, operating and people initiatives; the risk that adverse changes in the company's credit ratings may have a negative impact on its financing costs, structure and access to capital in future periods; the risk that changes to the company's IT systems may disrupt its operations; the risk that trade matters, events causing disruptions in product shipments from China and other foreign countries, or an inability to secure sufficient manufacturing capacity may disrupt the company's supply chain or operations; the risk that the company's efforts to expand internationally through franchising and similar arrangements may not be successful and could impair the value of its brands; the risk that acts or omissions by the company's third party vendors, including a failure to comply with the company's code of vendor conduct, could have a negative impact on the company's reputation or operations; the risk that the company does not repurchase some or all of the shares it anticipates purchasing pursuant to its repurchase program; and the risk that the company will not be successful in defending various proceedings, lawsuits, disputes, claims, and audits; any of which could impact net sales, costs and expenses, and/or planned strategies. Additional information regarding factors that could cause results to differ can be found in the company's Annual Report on Form 10-K for the fiscal year ended February 2, 2008. Readers should also consult the company's quarterly report on Form 10-Q for the fiscal quarter ended November 1, 2008.
These forward-looking statements are based on information as of February 10, 2009. The company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
About Gap Inc.
Gap Inc. is a leading global specialty retailer offering clothing, accessories and personal care products for men, women, children and babies under the Gap, Banana Republic, Old Navy, Piperlime and Athleta brand names. Fiscal 2008 sales were $14.5 billion. Gap Inc. operates more than 3,100 stores in the United States, the United Kingdom, Canada, France, Japan and Ireland. In addition, Gap Inc. is expanding its international presence with franchise agreements in Asia, Europe, Latin America and the Middle East. For more information, please visit gapinc.com.