Gap named Michael Francis as the next chief executive officer of Old Navy, its largest brand. Francis has a renowned retail career, notably helping to cultivate Target’s cheap-chic image as chief marketing officer in the early 2000s, and later as a key consultant at Walmart. The stock climbed 15% to $23.90 in late trading, though shares had slid 19% year to date.

Francis had joined Gap earlier this year as head of marketing shared services and chief customer officer for Old Navy. He succeeds Haio Barbeito, who will shift into an advisory role. Francis will work alongside Gap CEO Richard Dickson to help revitalize the brand known for affordable, basic apparel.

Gap reported a decline in overall sales for the quarter ended Aug. 1, with Old Navy sales down 4%, offsetting a 9% increase at Gap and a 1% gain at Banana Republic. Athleta sales fell 12%. The company lowered its full-year sales growth forecast to 1% to 1.5%, from up to 2%.

Despite the sales dip, Gap posted a profit of $501 million, or $1.38 per share, compared with $216 million, or 57 cents per share, a year earlier. Adjusted earnings were 52 cents, beating analyst expectations of 48 cents. The company raised its full-year adjusted earnings outlook to between $2.35 and $2.45 per share.