NEW YORK (Standard & Poor's) Jan. 23, 2007--Standard & Poor's Rating Services said today its ratings and outlook on San Francisco-based The Gap Inc. (BB+/Stable/--) are not affected by the company's announcement of the immediate resignation of Paul Pressler as president and chief executive officer. Mr. Pressler's eligibility for severance benefits of up to $14 million is not considered material to the rating. Robert Fisher, Gap's nonexecutive chairman, will serve as president and CEO on an interim basis, while a search committee attempts to recruit an executive with merchandising experience. We view this as a positive, but expect that it will take time to hire a new CEO, and for a new management team to make a meaningful impact on
