Change at Gap, Stock-Option Suit at Apple
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.