Retailer Gap Inc
Gap said directors Howard Behar and Penelope Hughes agreed not to stand for re-election at the company's annual meeting this year. Additionally, company co-founder Doris Fisher also decided not to stand for board re-election, and will assume the role of honorary lifetime director.
The 2009 pay for remaining board members is being cut by reducing both the annual cash retainer and stock compensation by 15 percent, Gap said in its statement.
San Francisco-based Gap is looking to turn around its business as it tries to improve products, stores and merchandising to recapture customers who have turned to rival brands.
The company said it reduced operating expenses by $478 million in the fiscal 2008 year.
(Reporting by Karen Jacobs; Editing by Tim Dobbyn)