Gap Announces Leadership Change; Shein Debuts in Public Markets
Gap (GAP) shares rose following the appointment of a retail industry veteran to lead Old Navy, despite weaker sales at its value chain and reduced guidance. The company also reported profits that exceeded expectations. Apple's CEO Tim Cook passed leadership responsibilities to John Ternus after years in charge, marking an important transition for one of the world’s most valuable companies. Meanwhile, Shein Global Holdings made a long-awaited public market debut amid challenges including slowing growth and rising regulatory scrutiny.
Topics: IPO leadership change stock performance