The Gap (NYSE: GPS) has been on the decline for many years now. It's still one of the largest apparel companies in the U.S., but it has struggled to generate growth for any of its well-known brands, and the stock reflects these difficulties.

Its CEO position has looked like a revolving door over the past several years as the company keeps pinning its turnaround hopes on new candidates, with little to show for their efforts. But the newest CEO, whom the board spent a long time seeking and selecting, was recently announced -- and he just might have a better chance than his predecessors. Here's why.

Gap is still the largest specialty apparel retailer in the U.S., but it's up against stiff competition. It's losing market share to fast-fashion mega-chains like H and Zara, large retailers like Target, and e-commerce upstarts like Revolve Group and Shein. 

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Source Fool.com