The Gap CEO is leaving. The company's stock lost more than half its value since he started

New York Gap chief executive Art Peck is stepping down ahead of the company's spinoff of its powerhouse Old Navy line, the company announced Thursday.

Peck, who has been at the company for nearly 15 years and has served as CEO since 2015, will be replaced after a brief transition by interim chief executive Robert Fisher, a son of the Gap's founders and currently the company's non-executive board chairman. Fisher has been with Gap for 35 years.Peck, among the highest-paid chief executives in retail, has presided over several years of sales declines at the Gap brand.

That is because we now have an economy where competition now exists. You love Gap, then go buy their schitt at the discount store!

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