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Gap Inc. chief executive Art Peck announced plans to resign after 15 years with the retailer, the company shared on Thursday.

What we know: Peck, who served as CEO since 2015, will turn over his role to board member Robert Fisher, who will serve as president and chief executive on an interim basis. The company did not explain the reasoning for Peck's departure. The shift comes after a multiple quarters of low sales, largely brought on by declining foot traffic and excess inventory, Business Insider notes.

What they're saying: Fisher bid farewell to his colleague, stating in the release:

"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. Under Art’s tenure as CEO, we have made progress investing in capabilities that bode well for the future such as expanding the omni-channel customer experience and building our digital capabilities."

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