Gap Inc CEO is stepping down in the latest executive shuffle

Gap Inc.’s Chief Executive officer Art Peck will step down, the company said, sending shares tanking after the close of regular trading.

On the heels of a quarter in which its major brands experienced sliding sales, Gap said its CEO will step down.

Art Peck will leave his post helming the clothing company, as well as its board "after a brief transition,'' Gap said in a statement Thursday.

Robert Fisher, Gap's non-executive chairman of the board, will take Peck's place until a permanent CEO is named.

In February, when the split was announced, company officials said they intended to shutter roughly 200 Gap stores over the next three years.

Top executives at several companies, including Under Armour, We Work and McDonald's, have stepped down for reasons ranging from flagging corporate performance to personal foibles.

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