Gap Inc. said Chief Executive Art Peck will step down immediately and be succeeded on a temporary basis by Robert Fisher, the son of the company’s founders.
The apparel maker, which is spinning off its Old Navy chain, has struggled for years with sluggish sales. On Thursday, it warned of another quarter of weak sales and lowered its profit targets for the year. Shares tumbled 7% in after-hours trading.
Source: WSJ.com: US Business