(FORTUNE Magazine) – After two years of fashion faux pas (glittery T-shirts, anyone?), longtime chief Mickey Drexler himself fell into the gap. Drexler, 57, says he'll retire once a replacement is found. Stores have posted 24 consecutive months of sales drops, and the stock is 75% off its high. Gap predicts that its next CEO will likely be a management rather than a merchant guru. After all, managerial prowess never goes out of style.

--Lee Clifford