Nov 8, 2019

Gap CEO Art Peck to step down after 15 years with the company

Photo: Drew Angerer/Getty Image

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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CEO-consumer confidence gap rises to an all-time high

Data: The Conference Board, shared by Deutsche Bank Securities; Chart: Axios Visuals

Over the course of the year, U.S. consumers have remained confident about the economy while CEOs have grown more uncertain.

The state of play: In the third quarter, the confidence gap between the two groups increased to its highest level on record, analysis from Deutsche Bank Securities showed.

Go deeper: The growing consumer confidence gap

Holiday shoppers are unfazed by recession fears

Reproduced from an Experian chart; Chart: Axios Visuals

More Americans say they are worried about a recession next year and are getting more cautious about their spending habits and debt, but that didn't slow down their holiday shopping.

Driving the news: Data from Adobe Analytics shows Black Friday spending increased by nearly 20% over last year, rising to $7.4 billion, even as fewer retailers offered big in-store discounts. Brick-and-mortar stores saw an overall 6% decline in sales, according to preliminary data from ShopperTrak.

Go deeperArrowDec 2, 2019

“Students were failed": Trump admin cancels 1,500 student loans

Betsy DeVos Photo: Tom Williams/CQ Roll Call/Getty Images

The Department of Education will cancel federal loans for about 1,500 defrauded students at two shuttered art institutions, reports the New York Times.

Why it matters: This represents a "rare victory" from Secretary of Education Betsy DeVos, who has limited relief programs for students who claim they've been deceived by the "career-school chain," writes the Times.

Go deeperArrowNov 9, 2019