Gap CEO resigns after poor shopping season

SAN FRANCISCO (AP) -- Gap Inc. Chief Executive Officer Paul Pressler resigned Monday after a miserable holiday shopping season that hurt the retail chain's fourth quarter profit.
The announcement after the markets closed came amid speculation that the struggling retailer was close to a takeover after hiring investment firm Goldman Sachs to consider offers or other dramatic changes.
Under the terms of his contract, Pressler will receive a severance package totaling about 14 million in salary, bonuses and stock options, according to company officials.
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