On the heels of a quarter in which its major brands experienced sliding sales, Gap said its CEO will step down.
Art Peck will leave his post helming the clothing company, as well as its board “after a brief transition,” Gap said in a statement Thursday. Robert Fisher, Gap’s non-executive chairman of the board, will take Peck’s place until a permanent CEO is named.
“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.
The news came the same day Gap reported that in the most recent quarter, global sales at its namesake stores open at least 12 months dropped 7% compared with the same three months last year. Sales slipped 3% for its Banana Republic brand and 4% for Old Navy. That was in contrast to the same quarter last year in which both of those chains reported a sales uptick.
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Old Navy, which has been a strong performer for Gap is being spun off into its own public company next year. In February, when the split was announced, company officials said they intended to shutter roughly 200 Gap stores over the next three years.
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Gap’s leadership shakeup is the latest in a series of CEO shuffles. Top executives at several companies, including Under Armour, We Work and McDonald’s, have stepped down for reasons ranging from flagging corporate performance to personal foibles.