Gap Inc. on Wednesday announced that it's appointed Mattel executive Richard Dickson to become its next CEO.

Dickson, the chief operating officer at Mattel, will replace interim CEO Bob Martin on Aug. 22. He will be tasked with overseeing the global portfolio that includes Old Navy, Gap, Banana Republic and Athleta. 

"Richard has invaluable expertise in areas critical to the work Gap Inc. is doing to strengthen the company for the long term," lead independent director Mayo A. Shattuck III said. 

This is a developing story. Check back for updates.