Gap Inc. CEO Art Peck Is Stepping Down

Robert J. Fisher, Gap Inc.’s chairman of the board, will step into the role as interim president and CEO. Fisher is part of the founding family behind Gap Inc., which is celebrating its 50th year.

“Under [Peck’s] tenure as CEO, we have made progress investing in capabilities that bode well for the future, such as expanding the omnichannel customer experience and building our digital capabilities,” Fisher said in a statement.

Peck assumed the role of CEO in 2015. Gap Inc. along with its family of brands, including Banana Republic, Gap, Hill City and Old Navy, has suffered a series of missed earnings, as it tries to modernize and connect with today’s consumer.

In February, Peck announced that Gap Inc. would spin off Old Navy as its own company, a process that’s still ongoing. At the Shoptalk retail conference in March, Peck discussed the future of Gap Inc. and sounded optimistic about turning the company around in 12-18 months and opening new stores in the right locations.

Gap Inc.’s shares dropped 10% as news of Peck’s departure circulated today.

Peck’s departure continues a tumultuous month in retail. Under Armour CEO Kevin Plank stepped down in October (and the company is now being investigated by the SEC and Justice Department over its accounting), and Nike’s CEO, Mark Parker, stepped down the same week.