Gap Inc said on Thursday Chief Executive Officer Art Peck will leave the company...
) said on Thursday Chief Executive Officer Art Peck will leave the company, a surprise exit in the middle of a restructuring that comes as the apparel retailer slashed its full-year earnings forecast, sending its shares down 7%.
On Thursday, the company estimated a 4% drop in third-quarter same-store sales, with declines across all its key brands including Old Navy.“Gap’s whole portfolio is having a brand erosion crisis that we expect to only deepen with the current leadership vacuum,” said Camilla Yanushevsky, research analyst at CFRA.
“Peck deserves a lot of credit for decisive corrective action and starting to rationalize the retail store base and deserves credit for streamlining the supply chain in a challenging international environment,” said Burt Flickinger, managing director of Strategic Resource Group.Robert Fisher, a member of the founding family behind Gap and its non-executive board chairman, will become the chief executive officer on an interim basis, effective immediately, the company said.
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