Gap president and chief executive steps down
Gap has announced that its president and chief executive Art Peck has stepped down and will leave the business after a brief transition period.
In a statement, the company said Gap non-executive chairman Robert Fisher has taken up the role on an interim basis. In addition, Bobby Martin, chair of the company’s compensation and management development committee, has been appointed as lead independent director.
Fisher said: “As the board evaluates potential successors, our focus will be on strong leadership candidates with operational excellence to drive greater efficiency, speed and profitability. In the meantime, we will continue to focus on leveraging the power of our brands and the talented teams that lead them to improve execution and better position the portfolio for growth.”
The news came at the same time as Gap announced its third quarter results. Comparable sales in the period were down 4% following flat sales in the same period last year. Looking at the group’s individual brands, there was a 7% decline at Gap, a 3% drop at Banana Republic and a 4% fall at Old Navy.
Teri List-Stoll, executive vice president and chief financial officer of Gap Inc, said: “This was a challenging quarter, as macro impacts and slower traffic further pressured results that have been hampered by product and operating challenges across key brands.”
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