Friday, November 8, 2019

Gap shares tumble after CEO Art Peck steps down and retailer issues weak forecast

Gap Inc. shares tumbled in extended trading Thursday after the company said CEO Art Peck will be stepping down immediately, and be replaced by the founders’ son temporarily.

Gap, which has been struggling to revive its sales, also slashed its forecast for the year, citing a “challenging quarter.” 

Robert Fisher, currently the company’s non-executive chairman, will serve as CEO on an interim basis. He previously served as interim CEO in 2007. . . . more