The CEO of Gap's flagship brand has resigned amid sliding sales

Getty/Eugene Gologursky

Gap CEO Jeff Kirwan is stepping down.

• Jeff Kirwan, CEO of the Gap brand, is stepping down.
• The current executive vice president, Brent Hyder, will serve as interim CEO.

Gap Inc. said on Tuesday that Jeff Kirwan, president and chief executive of its eponymous brand, will leave the apparel retailer.

"While I am pleased with our progress in brand health and product quality, we have not achieved the operational excellence and accelerated profit growth that we know is possible at Gap brand. As we move into the brand's next phase of development, Jeff and I agreed it was an appropriate time for a change in leadership," Gap Inc. CEO Art Peck said in a statement to the press.

Gap shares were down 6.5 percent in premarket trading.

Brent Hyder, current Gap executive vice president, head of global talent and sustainability, will oversee the brand as the retailer looks for new president.

Gap Inc. has suffered from sliding sales. In September, the company announced plans to close about 200 Gap and Banana Republic stores in the next three years and open about 270 Old Navy and Athleta stores during the same period.

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