Gap has announced its chief executive officer Art Peck is to step down from the business effective immediately.
Peck, who joined the clothing company in 2004 and has served as Gap’s CEO since 2015, will be succeeded by board member Robert Fisher, who will serve as interim CEO after a “brief transition period.”
Peck will also vacate his board seat, which has appointed Bobby Martin, chair of its compensation and management development committee, as lead independent director.
Fisher said: “On behalf of the entire Board, I want to thank Art for his many contributions to Gap, spanning a nearly 15-year career with the company.
“Under Art’s tenure as CEO, we have made progress investing in capabilities that bode well for the future, such as expanding the omni-channel customer experience and building our digital capabilities.”
Gap did not provide a reason for Peck’s departure.
Earlier this year Gap reported that 230 of its stores will close over the next two years as part of a plan to “revitalise” its brand health. It came after the company estimated an annualised sales loss of approximately £625m (£471m) as a result of these closures.