US clothing chain Gap announced Wednesday that it tapped as its next CEO Richard Dickson, the current Mattel president who has been credited with reinvigorating Barbie.
Gap, which owns its namesake stores as well as Old Navy, Banana Republic and Altheta, said Dickson will take reins of the company on August 22.
Gap's press release described Dickson as a "lead architect in a global corporate transformation that has reinvigorated Mattel's iconic brands, including Barbie, Hot Wheels and Fisher-Price, as well as restored the company to growth and reaffirmed Mattel as an industry thought leader."
Gap has suffered weak sales in recent years, leading to myriad store closures and criticism of the fashion sense of the once-trendy clothing brand.
Mattel in the last couple of years has emerged from a slump of its own, with the toy company now seen as profiting from the Barbie franchise following last week's successful premiere of the live-action film.
Dickson, who worked in apparel prior to Mattel with stints at the Jones Group and Bloomingdale’s, joined the Gap board in November 2022.
The two companies already have a partnership to sell Barbie merchandise at Gap, including denim skirts, a lunch bag, bike shorts and a dog hoodie -- mostly in pink.
"Gap Inc. has a rich heritage, with brands that have great meaning in people's lives," said Gap's chair, Bobby Martin.
Dickson "is destined for this role at this moment," said Martin, who has served as interim chief executive.
"His experience as a proven transformational brand builder and belief in the power of inclusivity, make him a perfect fit for Gap Inc."
Neil Saunders, managing director of GlobalData, called Dickson a "very solid" choice for the role with relevant experience.
"His reinvention of the Barbie franchise, which is currently riding on a high, is also proof that he understands how to turn around established brands that have run out of energy and steam," said Saunders, who added that Gap would give the new leader the "time and space" to make changes.
Shares of Gap jumped 7.9 percent to $9.94 in afternoon trading, while Mattel edged up 0.1 percent to $21.20.
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