Gymboree Nabs Gap's Mark Breitbard

Mark Breitbard, was promoted to president of Gap North America just three months ago, is now leaving the company to become chief executive officer of The Gymboree Corp. reports WWD.

This is a huge blow to Gap's turnaround efforts. WWD explains, "In November, Breitbard was tapped as Gap North America's top merchant, reporting to Steve Sunnucks, global president of the Gap brand, as part of a sweeping reorganization of the leadership of its divisions along brand lines. The international, online, outlet and franchise operations were integrated into four silos - Gap, Old Navy, Banana Republic and a new Innovation, Digital Strategy and New Brands division. The company must now reorganize again to fill the void created by Breitbard's departure."

Also said to be departing Gap is Evan Price, who is a vice president of finance for Gap North America. He's expected to be joining Gymboree as well.