Gap Inc. announced Wednesday afternoon that Neil Fiske would take over the role of president and chief executive of its Gap brand. Fiske had previously been chief executive of Billabong, Eddie Bauer and Bath and Body Works. He will permanently replace Jeff Kerwin, who left the company in February; Brent Hyder had been filling in on an interim basis during the search. "Neil brings significant retail and apparel experience to Gap Inc. and a track record of transforming and repositioning brands," Gap CEO Art Peck said in Wednesday's announcement. Gap stock has declined 5.4% so far this year, as the S&P 500 index has increased 4.2%.