RETAILING

Gap Shakes Up Management Ranks: Gap Inc. named Millard S. Drexler chief executive, replacing Donald Fisher, who founded the San Francisco-based apparel company in 1969. The highly successful company, which reported sliding per-share earnings last month, said Fisher will remain chairman of the board. Drexler joined the company in 1983 as president of the Gap Stores Division. Fisher, who has served as chairman and CEO since he founded the company, said the change would allow him to concentrate on “building strong brand names and growing the company over the long term.” Gap Inc. operates more than 1,600 stores in five nations under the names Gap, GapKids, Banana Republic and Old Navy. The company’s second-quarter earnings per share were down 27%, dropping from 30 cents a share to 22 cents a share.