GPS Gap Inc

By Maria Armental 

Gap Inc., under pressure to turn around operations amid a prolonged sales slump, on Thursday said it was adding Hasbro Inc. Chief Executive Brian D. Goldner to its board.

"His leadership has enabled Hasbro to emerge as one of the most profitable and forward-thinking companies in the toy and game industry," Gap board chairman Robert J. Fisher said in a news release. The San Francisco retailer said it hoped to use Mr. Goldner's drive for innovation as it focused on its "next era of retail."

The 53-year-old Mr. Goldner, whose appointment becomes effective Friday and expands Gap's board to 11 members, will join the board's compensation and management development committee.

As part of his appointment, Mr. Goldner will receive Gap stock with an initial aggregate value of about $140,000, according to a regulatory filing.

Gap, which has lost ground to so-called fast fashion retailers, has been trying to speed up a sales turnaround. In May, when it reported its fifth straight quarter of lower revenue and profit, the retailer said it would close about 75 stores as part of a restructuring effort that targets $275 million in savings a year.

Monday, the retailer said second-quarter profit and sales would again be lower than the year-ago period, but projected adjusted profit ahead of analysts' projections and said its strategy was showing progress and it had seen signs of improvement in its larger brands.

Shares, up 1% this year, edged up 0.5% to $25.11 in after-hours trading.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

August 11, 2016 19:32 ET (23:32 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.