Business

Gap shares tank after CEO steps down and retailer issues weak guidance

Gap Inc. shares tumbled in extended trading Thursday after the company said CEO Art Peck will be stepping down, effective immediately.

Gap didn’t provide any additional details as to why Peck is leaving, after serving as CEO since 2015 and working at Gap for almost 15 years.

The clothing retailer also slashed its profit outlook for fiscal 2019.

Its shares sank more than 9% in after-hours trading on the news.

This is breaking news. Please check back for updates.

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