Gap CEO Art Peck Steps Down, Third Quarter Results Show Decline

The brand will focus on finding leadership “to drive greater efficiency, speed and profitability.”

By
Fashion
3,099 Hypes 2 Comments

Gap Inc. CEO Art Peck will be stepping down from his role after a “brief transition,” as announced by the San Francisco-based company in a release shared on Thursday. Robert J. Fisher, a member of the family that founded Gap Inc. and a non-executive chairman of the board, will serve as his replacement in the interim.

The move is seemingly unexpected for the company, which owns Banana Republic, Old Navy and emerging performance label Hill City, in addition to its namesake retail chain and several other brands. Peck, who has been with Gap for nearly 15 years, has served as the chief executive officer since 2015 at a time when the organization was continuing to ramp up its digital expertise.

“Under Art’s tenure as CEO, we have made progress investing in capabilities that bode well for the future such as expanding the omni-channel customer experience and building our digital capabilities,” stated Fisher.

“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 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 company also shared its third quarter comparable sales results, posting declines across the board for Gap (negative 7% versus negative 7% last year), Banana Republic (negative 3% versus positive 2% last year) and Old Navy (negative 4% versus positive 4% last year). According to Gap Inc. EVP and CFO Teri List-Stoll, the sluggish figures were primarily driven out of “slower traffic” and “product and operating challenges across key brands.”

Peck’s exit comes at a notable time of restructuring for the corporation. It was announced in March that Old Navy would be split off from the balance of the company in order to foster growth by pursuing “tailored strategies separately.”

Read Full Article

What to Read Next

atmos Lends Creative Input to the Li-Ning Titan For New Collaboration
Footwear

atmos Lends Creative Input to the Li-Ning Titan For New Collaboration

The first-ever collaborative iteration of the chunky lifestyle silhouette.

Kanye West Joins His Father for a Ride Around His Wyoming Ranch for "Follow God" Video
Music

Kanye West Joins His Father for a Ride Around His Wyoming Ranch for "Follow God" Video

The first ‘Jesus Is King’ song to receive a standalone visual.

Allouche Gallery Explores Visual Legacy of Doze Green with "A Volta" Exhibition
Arts

Allouche Gallery Explores Visual Legacy of Doze Green with "A Volta" Exhibition

Explosive compositions by the iconic NYC-based artist.


Travis Scott Reveals Star-Studded Lineup for Astroworld Festival 2019
Music

Travis Scott Reveals Star-Studded Lineup for Astroworld Festival 2019

Gucci Mane, Marilyn Manson, Migos and more are set to perform.

MEDICOM Toy and Royal Selangor Come Together for Another Arabesque BE@RBRICK
Design

MEDICOM Toy and Royal Selangor Come Together for Another Arabesque BE@RBRICK

A classic version of its “Arabesque Black” counterpart.

Solange Is Curating a Performative Art Series at the Getty Center Museum
Music

Solange Is Curating a Performative Art Series at the Getty Center Museum

The two-day event is free to the public.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.