NEW YORK (Bloomberg) — Shares of Gap Inc., the largest US clothing chain, rose on speculation chief executive officer Paul Pressler might be replaced.Gap’s stock jumped 65 cents, or 3.4 percent, to $19.58 at 4.20 p.m. in New York Stock Exchange composite trading. It has risen 11 percent this year.

A new CEO “would be well received by the investment community,” said David Katz, who helps oversee $1.6 billion, including 2.4 million Gap shares, as chief investment officer of Matrix Asset Management in New York.

The San Francisco-based company reduced its full-year profit forecast in November because momentum at Old Navy is decelerating and the Gap chain’s turnaround is taking longer than anticipated. Pressler is trying to improve sales by remodeling as many as 100 Gap stores next year and advertising Old Navy in more fashion magazines for the holidays.

Gap spokesman Greg Rossiter said the company doesn’t comment on speculation or on stock movement.