Gap Inc. shares fell more than 10% in the extended session Thursday after the retailer said President and Chief Executive Officer Art Peck will be stepping down and cut it outlook for the third quarter and for the year.
Peck will “depart from the company after a brief transition,” Gap
said, without providing further details. Robert J. Fisher, nonexecutive chairman of the board, will also serve as interim president and chief executive officer, the company said. Peck also will step down from the company’s board.
The board also has appointed Bobby Martin, chair of its compensation and management development committee, as lead independent director.
“On behalf of the entire board, I want to…