The announcement comes amid a long period of sliding sales.
Author:Dhani MauUpdated:Nov 7, 2019Original:Nov 7, 2019After nearly 15 years at Gap Inc. and five years as its CEO, Art Peck is stepping down — both from the role and from the company's board. The company announced the news Thursday afternoon, noting that Robert J. Fisher, the company's current non-executive chairman of the Board and a member of Gap's founding family, will replace Peck as president and chief executive officer in the interim. The news sent Gap Inc.
"As the Board evaluates potential successors, our focus will be on strong leadership candidates with operational excellence to drive greater efficiency, speed and profitability," said Fisher in a statement. "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 announcement comes amid a long period of sliding sales at Gap brand, Banana Republic and, lately, Old Navy as well. In the most recent quarter, comparable sales declined 7% at Gap, 3% at Banana Republic and 4% at Old Navy. It also follows an announcement this past February that Old Navy is being spun off into its own separate company.
Peck has spent much of his tenure as CEO working to turn the Gap brand around; the brand has experimented with a number of different creative leaders and marketing campaigns over the years , to little avail. Like so many mall brands, Gap has closed hundreds of stores as it's struggled to compete with more relevant fast fashion and digitally savvy millennial-targeting companies.
Could a change in executive leadership be what the brand and company need to thrive once again? It's worth a shot.Tagsterms:Gapold navyArt PeckNetwork
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Gap CEO Art Peck to Step DownRetailer Gap Inc. said Art Peck was stepping down as chief executive officer, and that Chairman Robert Fisher would serve as interim CEO.
Consulte Mais informação »
Gap stock falls 10% on news CEO Art Peck will leave companyGap Inc. shares fell more than 10% in the extended session Thursday after the retailer said that President and Chief Executive Officer Art Peck will step...
Consulte Mais informação »
Art Peck Traces the Sustainable Journey of a Pair of Gap JeansThe president and ceo has open-sourced technology and proprietary programs to encourage other brands to become more sustainable.
Consulte Mais informação »
Gap shares tank after CEO steps down and retailer issues weak guidanceGap Inc. said Thursday that its CEO Art Peck will be stepping down effective immediately. The clothing retailer also slashed its profit outlook for fiscal 2019.
Consulte Mais informação »
Trump Vowed to Shrink Trade Gap. It's Growing.WASHINGTON -- The overall U.S. trade deficit widened in the first nine months of 2019, to nearly $500 billion, a sign that the Trump administration&39;s approach to trade has so far done little to make a dent in the imbalance.The trade deficit for both goods and services in the first three quarters
Consulte Mais informação »
In Broadway's Powerful Queer Epic 'The Inheritance,' Matthew Lopez Bridges an LGBTQ Generation Gap.matthewlopeznyc bridges an LGBTQ generation gap in Broadway's powerful queer epic inheritanceplay TheInheritance
Consulte Mais informação »