Gap Inc. (GPS:US), the largest U.S. clothing retailer, named Wet Seal Inc. finance chief John Luttrell, 52, to take on the same role at Gap's Old Navy division.
Steve Benrubi, Wet Seal's controller since June 2005, will become its chief financial officer. The appointment will be effective Sept. 21, Wet Seal said today in a statement.
The change comes more than a month after Gap named Glenn Murphy its new chief executive officer, replacing Paul Pressler. Gap, based in San Francisco, is trying to reverse two years of profit declines after its namesake and Old Navy chains lost customers to competitors including Abercrombie & Fitch Co. and Target Corp.
Last month, Gap announced that CFO Byron Pollitt was leaving to take the same position at Visa Inc.
Luttrell will report to Old Navy president Dawn Robertson. Luttrell replaces Patti Johnson, who left earlier this year to take a position at Charlotte Russe Holdings Inc.
Wet Seal last week hired Edmond Thomas as its president and CEO. The retailer sells clothing and accessories for young women.
Gap rose 29 cents to $18 at 4:22 p.m. in New York Stock Exchange composite trading. The shares have dropped 7.7 percent this year. Wet Seal, based in Foothill Ranch, California, climbed 17 cents to $4.43 in Nasdaq Stock Market trading.
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