Gap Inc. CEO Art Peck Is Stepping Down

Art Peck CEO of Gap Inc. is stepping down, the company announced recently. Peck joined the company 15 years ago and has led Gap Inc. as CEO since 2015. He will be replaced on an interim basis by Robert J. Fisher.

“On behalf of the entire Board, I want to thank Art for his many contributions to Gap Inc., spanning a nearly 15-year career with the company,” Fisher said in a statement. “Under Art’s tenure as CEO, we have made progress investing in capabilities that bode well for the future, such as expanding the omnichannel customer experience and building our digital capabilities.”

Gap Inc. which also own Banana Republic and Old Navy, did not provide any details of the departure or a statement from Mr. Peck. As a part of announcement, Gap Inc. also reported significant sales declines for the third quarter of 2019.

He said this year that Gap would spin off Old Navy into a separate public company in a transaction that is expected to close next year. Gap would retain its existing brands, as well as Athleta, Intermix and its newer Hill City brand.

He was charged with ushering the major operator of mall stores into the era of digital commerce, as browsing on smartphones and computers replaced visits to stores.

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