When Arthur Peck became CEO at Gap two years ago, he knew the company’s performance wasn’t where it needed to be.
“We knew that we were in an industry that was changing dramatically,” he said during the company’s recent fourth-quarter earnings call. “And looking back on it now, I think we probably all underestimated the magnitude and speed of the changes taking place. It’s been pretty stark what’s been happening over the last year. I’m pleased with the progress that we’ve made....