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Digest
Gap CEO posted after horrid holiday sales
By TIMES WIRES
Published January 23, 2007
Gap Inc. dumped Paul Pressler as chief executive Monday after a year of broken promises that culminated in a dismal holiday shopping season to deepen the clothing retailer's misery. Pressler was Gap's CEO since September 2002. The company, which owns 3,100 stores under the Gap, Old Navy and Banana Republic brands, has been mired in a sales funk since the spring of 2004. The final straw apparently came earlier this month when Pressler warned that Gap's profit for fiscal 2006 will end up about $300-million, or 40 cents per share, below the target he set at the year's outset. Gap named Robert J. Fisher, the son of founder Donald Fisher, as interim CEO. Citigroup financial boss shifts roles Citigroup Inc. said Monday that Sallie L. Krawcheck will step aside as chief financial officer and assume the roles of chairman and chief executive of the bank's global wealth management division. Krawcheck will remain as CFO until a replacement is found. Krawcheck, 42, will replace Todd Thomson, 45, as head of global wealth management. Citigroup said Thomson is leaving the company to pursue other interests. Citigroup is a search for a new CFO. MySpace to post Amber alerts The social-networking Web site MySpace.com will now distribute Amber alerts to members notifying them of missing children in their communities. MySpace, a News Corp. unit, is teaming with the National Center for Missing & Exploited Children to distribute the alerts, which are triggered by law enforcement officials. The online alerts, which will begin today, will be sent to all users in the ZIP codes where it was issued. The alerts were named for Amber Hagerman, a 9-year-old girl killed in Texas in 1996. T-bill rates rise Interest rates on short-term Treasury bills rose in Monday's auction, with three-month bills rising to the highest level in six years. The Treasury Department auctioned $17-billion in three-month bills at a discount rate of 4.995 percent, up from 4.975 percent last week. An additional $14-billion in six-month bills was auctioned at a discount rate of 4.965 percent, up from 4.950 percent last week.
[Last modified January 22, 2007, 23:59:21]
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