Gap CEO Art Peck to step down amid falling sales

Gap speaks at the Clinton Global Initiative in New York. Peck is stepping down as the compa

Peck, who has been at the company for almost 15 years and has served as CEO since 2015, will be replaced after a brief transition by interim chief executive Robert Fisher, a son of the Gap's founders and now the company's non-executive board chairman. Robert Fisher, Gap's non-executive chairman of the board, will take Peck's place until a permanent CEO is named. Its shares sank more than 7% in after-hours trading on the news.

"As the board evaluates potential successors, our focus will be on strong leadership candidates with operational excellence to drive greater efficiency, speed and profitability", Fisher said in the statement announcing the leadership change.

As a key member of the founding family, the company said, Fisher brings strong leadership and invaluable perspective from his 35-year history with Gap Inc., where he has served in a variety of senior executive positions, including interim president and chief executive officer.

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Peck's departure comes as Gap prepares to spin off its Old Navy brand, a bright spot for the struggling retailer, into a publicly listed company. But Gap, which defined casual dressing in the 1990s, has also long struggled with its own deep-rooted problems - its offerings have failed to stand out from those of its rivals. In August, its Banana Republic division, following other clothing competitors, began launching an online subscription service. By brand, Gap's same-store sales fell 7%, while the figure was down 3% at Banana Republic. As the former chief executive officer of Wal-Mart International and chief information officer for Wal-Mart Stores, Inc., Gap added Martin brings extensive global governance and executive management experience. Analysts had been forecasting 55 cents per share, according to FactSet.

Gap said it expects adjusted earnings per share between 50 and 52 cents for the third quarter.

The news was delivered in the company's quarterly earnings.

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