Gap CEO Art Peck is stepping down from the company

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Gap Inc. CEO Art Peck speaks at the 2015 Clinton Global Initiative's Annual Meeting.

Gap Inc. CEO Art Peck is stepping down effective immediately, the company announced on Thursday.

Peck, who joined the company 15 years ago and has led Gap as CEO since 2015, will cede his leadership role to current board member Robert J. Fisher. Fisher will serve as interim CEO after a "brief transition period," and Peck will also vacate his board seat, according to a company press 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," Fisher said in a statement. "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."

In tandem with the announcement of Peck's departure, Gap also reported significant sales declines for the third quater of 2019, including a 7% drop in comparable sales for its namesake brand, a 3% decline for Banana Republic, and a 4% dip for Old Navy.