Gap Inc chief executive Art Peck is to exit the fashion group amid tumbling sales and ahead of an expected spin-off of Old Navy.
Peck is to leave Gap after “a brief transition” and Robert J Fisher, a member of the retailer’s founding family and chairman of the business, will take over on an interim basis.
The switch came as Gap reported a fall third-quarter like-for-like sales, the latest poor performance over a longer-term period.
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