Gap CEO Art Peck to step down

 

Change at the helm of one of the international giants of the fashion industry. Art Peck, president and chief executive officer of Gap, has lefy his position effective immediately. Robert J. Fisher, son of the founders of the company, Doris and Donald Fisher, who was non-executive chairman of the board, will become president and chief executive officer on an interim basis.

 

Peck has a career of about fifteen years in the American company. The executive joined Gap in 2005, when former chief executive president Paul Pressler appointed him as vice president of strategy and operations. Since 2015 he occupies the position of president and chief executive officer.

 

Under his direction, Gap has boosted its international expansion, based on the alliance with local partners, as well as expanding the omni-channel customer experience and building its digital capabilities. At the time, Peck has had to deal with the most complex years of the American group, affected by the fall of consumption in the United States.

 

Gap’s new chief executive officer, Robert J. Fisher, has been linked to Gap for more than 35 years. Since 1990, Fisher is part of the board of directors and since 2015 he has held the position of non-executive chairman.

 

“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 press release.

 

The company has also shared an advance of the results for the third quarter of the current year. Gap has registered a 4% decline in sales by comparable area, while a year ago the evolution was flat.