Nov. 7 (UPI) -- Clothing retailer Gap announced Thursday that the company's president and CEO, Art Peck, will step down from his position.
Gap's board of directors issued a statement saying Peck will vacate the positions and his seat on the board. The company's current non-executive chairman of the board, Robert J. Fisher, will serve as interim president and CEO.
"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," Fisher said. "Under Art's tenure as CEO, we have made progress investing in capabilities that bode well for the future such as expanding the omnichannel customer experience and building our digital capabilities."
Peck's departure comes as the company reported a 7 percent drop in comprobable sales globally in the third quarter. Other Gap brands, including Banana Republic and Old Navy, also saw global sales declines of 3 percent and 4 percent, respectively.
Earlier this year the company announced it would split Old Navy off into its own publicly traded company in order to allow each company to optimize its cost structure by focusing on its specific business needs.