Gap CEO exits office amid rising competition and dwindling fortunes

UNITED STATES – American apparel retail Gap Inc has revealed that its Chief Executive Officer Art Peck will leave the company at a time when the company is in the middle of a restructuring process aimed at cutting costs and increasing profit. The announcement also comes at a time when the apparel retailer slashed its full-year earnings forecast, a move that sent its shares down by 7%. Gap also now expects full-year adjusted earnings per share of $1.70 to $1.75, down from its previous forecast of $2.05 to $2.15. Since…

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