Exhibit 99.1


    Gap Inc. CEO and President Millard S. Drexler Announces Plans to Retire;
                        Board Launches Search for New CEO

SAN FRANCISCO -- May 21, 2002 -- Millard S. Drexler, CEO and President of Gap
Inc. (NYSE:GPS), today announced his plans to retire later this year as soon as
the Board of Directors appoints a new CEO and President.

Commenting on his decision, Mr. Drexler said: "I've always loved being close to
merchandise, customers and the creative parts of our business. In a company the
size of ours, the broader demands of being CEO have pulled me away from the
things I'm most passionate about.

"I believe Gap, Old Navy and Banana Republic are now in a position to offer the
product assortments our customers expect and that reflect what our brands have
always stood for," Mr. Drexler said. "The time is right for me to move on, and
for the company to bring in new leadership to take the business forward."

Board Chairman Donald G. Fisher, and board members Bob Fisher, Adrian Bellamy
and Arun Sarin, were appointed to lead the search and find a successor as
quickly as possible. In the interim, Mr. Drexler will continue in his current
role as CEO and President, and acting President of the company's Gap brand. The
company expects to name a new Gap brand president this summer.

"We respect Mickey's decision to retire after almost 19 years with the company,"
Mr. Fisher said. "Mickey's been a dynamic partner. His merchandising passion,
creativity, and entrepreneurial instincts helped build three of the world's most
well-known retail apparel brands.

"In launching a search for a new CEO and President, the board will be looking
for someone with broad experience and leadership skills to move us forward,
create sustainable growth for Gap, Old Navy and Banana Republic, and drive
long-term shareholder value," Mr. Fisher said.

"As we make this transition, the board remains confident that our brands are
making the changes necessary to begin generating improved performance," Mr.
Fisher said. "So far in May, our consolidated comparable stores sales are better
than the negative 17 percent we reported for first quarter."


Investor Relations:                                  Media Relations:
Michelle Weaver                                      Alan Marks
650-874-7780                                         415-427-6561



Forward-Looking Statements
The information made available on this press release contains certain
forward-looking statements which reflect Gap Inc.'s current view of future
events and financial performance. Wherever used, the words "expect," "plan,"
"anticipate," "believe," "may" and similar expressions identify forward-looking
statements. Any such forward-looking statements are subject to risks and
uncertainties and the company's future results of operations could differ
materially from historical results or current expectations. Some of these risks
include, without limitation, ongoing competitive pressures in the apparel
industry, risks associated with challenging domestic and international retail
environments, changes in the level of consumer spending or preferences in
apparel, trade restrictions and political or financial instability in countries
where the company's goods are manufactured and/or other factors that may be
described in the company's annual report on Form 10-K and/or other filings with
the Securities and Exchange Commission. Future economic and industry trends that
could potentially impact revenues and profitability are difficult to predict.
The company assumes no obligation to publicly update or revise its
forward-looking statements even if experience or future changes make it clear
that any projected results expressed or implied therein will not be realized.