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GAP: CEO resigns, cuts FY targets

( - Gap announced on Thursday evening that its CEO Art Peck is leaving the group, after a brief transition period with his successor.

The CEO's duties are in the interim being carried out by the Board's non-executive Chairman, Robert Fisher.

In addition, the San Francisco based clothing chain has reduced its adjusted EPS target range for the full year, to between 1.70 dollar and 1.75 dollar, from a previous range of 2.05 dollars to 2.15 dollars.

Gap expects to post Q3 adjusted EPS of between 50 cents and 52 cents, with comparable sales down 4%, highlighting macroeconomic factors and fewer customer visits to stores.

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