BANANA REPUBLIC NAMES JACKSON CEO
Byline: Teena Hammond
LOS ANGELES — In a series of promotions designed to implement its growth plans, Banana Republic said Tuesday that its president, Jeanne Jackson, will move into the new position of chief executive officer on June 1.
At that time, she will be succeeded by Marie Holman-Rao, who has been Banana Republic’s executive vice president.
Also, Jerome Jessup, vice president and design director of women’s, will become senior vice president of product and design for Banana Republic.
Jackson told WWD the chief executive spot was created “to really leverage the talent we had at Banana Republic.”
“We believe we can dominate relaxed style in specialty retail and as a brand be more than just a specialty retailer.”
The chain is a division of Gap Inc.
“Banana Republic has a great team of executives,” said Steve Kernkraut, retail analyst at Bear Stearns. “You want to be able to keep a team intact and give people a feeling that they’re running a business.”
He also linked the promotions to Banana Republic’s strong growth, which is creating new demands on management. Banana Republic has 226 locations and plans to open 30 stores this year.
Among the plans, the 15,000-square-foot San Francisco unit on Grant Street will be expanded to 32,000 square feet in October to occupy the corner of Grant and Sutter Streets. It is one of the chain’s most productive stores, Jackson said.
Also, a Chicago flagship on Michigan Avenue will expand in October, and a unit on Fifth Avenue and 52nd Street in Manhattan will double its size in 1998, she said.
In her new role, Jackson will continue to direct all aspects of the Banana Republic division. Holman-Rao will add merchandising to her current responsibilities, which include overseeing product development and all design activities. Jessup will take over Holman-Rao’s job of supervising the New York-based product development and design staff.