- Push-out Score determined
- After about five years in the position
- Praise and thanks for Peck
- Robert Fisher taking over in the interim
- Search for a successor
(exechange) — San Francisco, California, November 7, 2019 — Art Peck, chief executive of Gap, leaves. As announced by Gap Inc. in a news release and in a regulatory filing published on Thursday, November 7, 2019, Arthur (Art) Peck leaves his post as chief executive officer at the clothing retail company after about five years in the role, effective immediately.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.5 years, according to data compiled by exechange.
Gap will undertake a search for a successor.
Art Peck’s duties as CEO will be taken over in the interim by Robert J. Fisher, most recently non-executive chairman of The Gap Inc., as interim chief executive officer.
“Improve execution and better position the portfolio for growth”
Art Peck’s departure from the CEO post is explained as follows. Fisher said: “As the Board evaluates potential successors, our focus will be on strong leadership candidates with operational excellence to drive greater efficiency, speed and profitability. 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.”
Precise information regarding Art Peck’s future plans was not immediately available.
Gap said: “[P]resident 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.”
Gap further said: “On November 7, 2019, the Company issued a press release announcing that Art Peck is stepping down from his position as President and Chief Executive Officer of the Company, and has resigned from the Board of Directors, both effective immediately, and that Robert Fisher will serve as Interim Chief Executive Officer.”
Share price decline
The announcement follows a decline in The Gap Inc.’s share price of 35% since November 2018.
In the position of CEO since 2015
Art Peck became CEO of the Company in February 2015.
His bio reads as follows:
- President and Chief Executive Officer of Gap Inc. since February 2015.
- President, Growth, Innovation and Digital division of Gap Inc., November 2012 to January 2015.
- President, Gap North America, February 2011 to November 2012.
- Executive Vice President of Strategy and Operations of Gap Inc., May 2005 to February 2011.
- President, Gap Inc. Outlet, October 2008 to February 2011.
- Acting President, Gap Inc. Outlet, February 2008 to October 2008.
- Senior Vice President of The Boston Consulting Group, a business consulting firm, 1982 to 2005.
As a result of his service as Gap Inc.’s Chief Executive Officer, as well as his service in other senior positions at Gap Inc. and his experience as a Senior Vice President of The Boston Consulting Group, Peck has extensive risk oversight, management, talent development, and leadership experience, as well as a deep knowledge of the complex technological, financial, and operational issues facing global retail companies.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Gap and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 45.2019 ($).