Seattle, Washington, USA – May 27, 2012: The logo and word mark of Gap, mounted above the entrance to the store in downtown Seattle.
Gap CEO Art Peck is leaving the company.
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The retailer announced he will depart after a “brief transition”, Robert J. Fisher, the company’s chairman of the Board, will also serve as president and chief executive officer on an interim basis.
Shares tumbled in the extended session by double digits and have fallen 31 percent this year.
The news was delivered in the company’s quarterly earnings. Gap cuts its full-year revenue outlook and acknowledged the tough environment.
“This was a challenging quarter, as macro impacts and slower traffic further pressured results that have been hampered by product and operating challenges across key brands,” said Teri List-Stoll, executive vice president and chief financial officer, Gap Inc.
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All three brands, Gap, Banana Republic and Old Navy reported negative sales during the quarter.
