Gap Inc. shares tumbled in extended trading Thursday after the company said CEO Art Peck will be stepping down, effective immediately.
Gap also slashed its forecast for the year, citing a “challenging quarter.” Its shares sank more than 7% in after-hours trading on the news.
Robert Fisher, currently the company’s non-executive chairman, will serve as CEO on an interim basis. Fisher is a member of Gap’s founding family.
Gap didn’t provide any additional details as to why Peck is leaving, after serving as CEO since 2015 and working at Gap for almost 15 years. However, the company is seeing slumping sales at all of its major brands. The retailer was in the midst of splitting into two publicly…