One of the founders' sons will take over for now as the retailer looks for a new CEO.
David Paul Morris/Bloomberg
Peck, who started working at Gap in 2005 and has served as CEO since early 2015, will leave after a brief transition, the company said on Thursday. He will also step down from the board. Bob Fisher, who is one of the three sons of Gap’s founders Donald and Doris Fisher, will take over on an interim basis. He currently serves as nonexecutive chairman of the board.
The company also dropped its full-year earnings projection to between $1.38 and $1.47 per share. That is down sharply from the $1.88 to $2.08 that it had previously projected and is also a far cry from the $2.07 that Wall Street analysts were calling for. The management shuffle comes at a time when the retailer is in the middle of splitting itself into two publicly traded companies. Old Navy will be spun off as a stand-alone company, and Gap, Banana Republic and several smaller brands will compose the other company.
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