Barbeito will lead the brand in delivering its unique value proposition, offering style, quality and cultural relevance at remarkable prices. Barbeito has a strong track record of delivering growth through challenging times at complex global organizations. His sincere customer empathy, operational excellence, and passion for product and marketing innovation are expected to fuel Old Navy’s competitive strengths, rooted in fun, family, fashion and value.

Barbeito most recently served as president and CEO of Walmart Canada where he led more than 70,000 associates and drove significant growth in the online business. During his 26-year career at Walmart, he served in a variety of leadership roles across merchandising, marketing, supply chain and store operations with global experience in five countries.

Old Navy is owned by Gap. The company is expecting net sales in the second quarter 2022 to decline in the approximately high-single digit range, relatively in-line with its prior expectations. The company continues to navigate margin headwinds and has taken a more aggressive approach to assortment balancing resulting in increased promotional activity during the quarter, which it expects will have a negative impact on gross margin in the quarter. Furthermore, the company now anticipates second quarter 2022 adjusted operating margin percentage to be zero to slightly negative.