Gap Inc., headquartered in San Francisco, is a major American multinational apparel retailer operating four primary divisions—Gap, Banana Republic, Old Navy, and Athleta—with over 3,500 stores worldwide. Founded in 1969 by Donald and Doris Fisher, the company's name referenced the "generation gap," and its first store, opened on August 21, 1969, near City College in San Francisco, initially sold only Levi's jeans and records. The retailer experienced a major upscale transformation in the 1990s under CEO Mickey Drexler, but he was ousted in 2002 following over-expansion and a sales slump, with his successor Paul Pressler later resigning in 2007 after disappointing holiday seasons. Following Pressler's departure, Robert J. Fisher (son of the founders) took over as interim CEO, while the Fisher family continues to hold significant ownership stakes. Today, the company remains one of the largest apparel retailers in the US, and Zac Posen serves as the creative director of the Gap brand.