Gap CEO Out, Done In by Fashion Missteps and Fading Brands
- Retailer has struggled on Normcore misses and mall declines
- Art Peck will be replaced on interim basis by founders’ son
No longer the khaki king of the ’90s, Gap Inc. has been in need of an overhaul for a very long time -- and Art Peck won’t be the one to deliver it after all.
Gap fired its chief executive officer late Thursday after his turnaround efforts failed to reignite sales growth, with disappointing third-quarter performance sending shares plummeting in late trading. The apparel company, which includes the namesake Gap brand, Athleta and Banana Republic, brought back a member of the founding family to lead while it figures out a longer-term plan.