Gap boss stands down as sales fall

Gap chief Art Peck is leaving

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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