Gap Inc, the family-owned fashion retailer, announced yesterday that second-generation family member Bill Fisher has joined the board of directors.
Bill will take the seat held by his father Don Fisher who died in September. (Click here to read our coverage of the story) Bill had worked in the family business for 15 years prior to leaving in 1998 to found private equity fund Manzanita Capital.
He joins his brother Bob on the board, who has served as a director since 1990. Their mother Doris is an honorary lifetime director. Bill said: "I believe I am joining when there is a great chapter ahead of Gap. I hope to contribute to the future growth of the company and support our shareholders interests."
Don and Doris Fisher founded Gap Inc in 1969 after seeing an opening in the market for well fitted, reasonably priced jeans. The company has since grown into an international business with revenues of $14.5 billion, encompassing other well-known brands such as Banana Republic, Old Navy and Athleta.
The Fisher family still owns around a third of the business that celebrated its 40th birthday in August. (Click here to read our coverage of the story)
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