Old Navy's parent company, Gap Inc., has appointed Michael Francis as the new president and CEO of Old Navy. Francis, who joined Gap Inc. in March as chief customer officer, will assume his new role on November 2. Current CEO Haio Barbeito will transition to an advisory position. Gap CEO Richard Dickson expressed confidence in Francis's ability to lead Old Navy's next growth phase. Francis has a strong background in retail, having significantly contributed to Target's "cheap chic" image. He spent 26 years at Target and a decade at Walmart, focusing on revenue growth. Old Navy is currently facing a turnaround, with its net sales falling 4% year-over-year to $2.1 billion. This decline was attributed to challenges in the women's seasonal assortment and a slowdown in customer traffic. In contrast, Gap Inc.'s overall net sales increased by 9% to $844 million, though Athleta sales decreased by 12%. Following the announcement, Gap Inc.'s stock saw a significant rise in premarket trading. The company's stock has performed poorly for most of the year.