Old Navy president resigns

Long-struggling Gap Inc. said Tom Wyatt, president of its low-cost Old Navy brand, has resigned and will be temporarily replaced by two executives.

While the San Francisco retailer searches for a suitable replacement, the duties of president will be shared by Nancy Green, Old Navy’s executive vice president and chief creative officer, and Tom Sands, the brand’s executive vice president of stores and operations, the company said Thursday.

Wyatt, 56, began working at Gap in 2006 and helped lead Gap’s outlet division as well as its intimate apparel and fitness lines. He took the job of Old Navy president in 2008.

He is leaving to take the position of chief executive at Knowledge Universe, a childhood education company in Portland, Ore. The resignation is effective Feb. 3.

“An opportunity came my way that allows me to devote myself to helping children get the education they deserve,” Wyatt said in a statement. “I’m both proud of what we’ve accomplished over the past four years and confident in the plans in place to improve the brand’s performance in 2012 and beyond.”

Gap CEO Glenn Murphy described Wyatt as a “passionate advocate” for Old Navy who “strengthened the brand by focusing on its core customers and unique value proposition.”

Separately, the company said that former executive Tracy Gardner will rejoin Gap as an advisor to help steer and re-energize its women’s merchandise.

The clothing maker has been struggling with weak sales for years as shoppers have patronized trendier rivals. In October, it announced plans to close nearly 200 Gap stores by the end of 2013 and downsize Old Navy stores by shrinking square footage.

Shares of Gap rose 73 cents, or 3.9%, to $19.37 in Thursday trading.