Gap CEO steps down amid slumping sales

NEW YORK (AP) — Gap says CEO Art Peck is stepping down as the company continues to grapple with slumping sales.

Peck, who has been CEO since 2015, will be temporarily replaced by Gap’s non-executive chairman of the board Robert Fisher. Peck will also step down from the Gap’s board.

The company is in the midst of splitting into two publicly-traded companies, one for its Old Navy brand and another for the Gap, Banana Republic and its other brands.

The San Francisco-based retailer on Thursday also cut its earnings outlook for the year, and said sales at the Gap, Banana Republic and Old Navy fell in the most recent quarter.

Shares of The Gap Inc. slid 10% in after-hours trading Thursday.

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