The Gap Inc. Board of Directors announced that president and chief executive officer Art Peck will step down from his position and from the company’s Board. Mr. Peck will depart from the company after a brief transition.
Effective immediately, Robert J. Fisher, the company’s current non-executive chairman of the Board, will also serve as president and chief executive officer on an interim basis. Additionally, the Board 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 thank Art for his many contributions to Gap Inc., 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,” said Mr. Fisher.
As a key member of the founding family, Mr. Fisher brings strong leadership and invaluable perspective from his 35-year history with Gap Inc., where he has served in a variety of senior executive positions, including interim president and chief executive officer. Mr. Fisher has served on the Board of Directors since 1990 and has also served as non-executive chairman since February 2015.
Mr. Martin has served on the Board since 2002 including serving as the lead independent director from 2003 to 2015. Mr. Martin is a retail industry veteran with over 35 years of experience. As the former chief executive officer of Wal-Mart International and chief information officer for Wal-Mart Stores, Inc., Mr. Martin brings extensive global governance and executive management experience.
“As the Board evaluates potential successors, our focus will be on strong leadership candidates with operational excellence to drive greater efficiency, speed and profitability,” said Fisher.
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“In the meantime, we will continue to focus on leveraging the power of our brands and the talented teams that lead them to improve execution and better position the portfolio for growth,” continued Fisher.
(Source: Gap Inc.)