Gap Names Katherine Tsang To Board; Expands Its Size To 11

21st Jun 2010 22:09

By John Kell Of DOW JONES NEWSWIRES Gap Inc. (GPS) named to its board Katherine Tsang, a Standard Chartered PLC (2888.HK, STAN.LN) executive who brings international experience to the casual-apparel retailer as it prepares to tap China's surging consumer market. Chairman and Chief Executive Glenn Murphy said Tsang's track record leading and growing a multinational business in China makes her a "tremendous resource to our board as we embark on a new phase of international expansion." Last year, it was reported that Gap would plan to open its first store in China this year and expand its overseas e-commerce operations. Gap, which enjoyed robust growth in the 1990s, has struggled in the last decade, although sales have improved in its home market due to targeted promotions that have helped to increase traffic. Tsang, 53, is currently chairwoman for the Greater China region, which includes China, Hong Kong and Taiwan, at Standard Chartered, an international bank. Prior to joining Standard Chartered, she worked in both the public and private sectors. At Gap, which also operates Banana Republic and Old Navy, Tsang's appointment expands the company's board size by one to 11 members. She will be the only woman serving on the board, although Doris F. Fisher, who co-founded Gap with her late husband, Donald, serves as an honorary lifetime director. Doris Fisher had served as a director from 1969 to 2009. Shares were down a penny to $20.93 in after-hours trading. The stock is roughly flat this year. -By John Kell, Dow Jones Newswires; 212-416-2480; [email protected] (END) Dow Jones Newswires June 21, 2010 17:09 ET (21:09 GMT)