Change at Gap, Stock-Option Suit at Apple

The Gap, the San Francisco retailer, says CEO Paul Pressler will step down. Robert J. Fisher, son of the company's founder, will be interim CEO. Meanwhile, Apple's handling of stock options has drawn a lawsuit from the New York City Employees Retirement System, which owns about $87 million in Apple stock.

Copyright © 2007 NPR. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required.

RENÉE MONTAGNE, host:

There's trouble at two other well-known corporate brand names: Apple and Gap. The big clothing retailer based in San Francisco says it's giving its CEO the boot. The Gap says Paul Pressler will step down and Robert J. Fisher, the son of the company's founder, will become interim CEO until a replacement is found. The move comes after Pressler failed to boost the company's sluggish sales and stock price.

STEVE INSKEEP, host:

And the computer maker Apple, also based in California, is still struggling with a scandal involving stock options. A major government employee pension fund says it will be the lead plaintiff in a class-action lawsuit alleging that the maker of the iPod and the Macintosh computer violated securities laws.

MONTAGNE: The New York City employee's retirement system owns about $87 million worth of Apple stock. The pension system claims that Apple used illegal methods to award stock options to company executives, and it's demanding damages.

Copyright © 2007 NPR. All rights reserved. No quotes from the materials contained herein may be used in any media without attribution to NPR. This transcript is provided for personal, noncommercial use only, pursuant to our Terms of Use. Any other use requires NPR's prior permission. Visit our permissions page for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.