Gap CEO Peck to leave; earnings forecast cut sends shares tumbling

(Reuters) - Gap Inc said on Thursday Chief Executive Officer Art Peck will step down and also cut its full-year earnings forecast, blaming slower traffic and operational challenges, sending the apparel maker's shares down 7%.Peck's departure comes as Gap prepares to spin off its Old Navy brand, a bright spot for the struggling retailer, into a publicly listed company. He has been with Gap for nearly 15 years and will depart after a brief transition, the company said.Robert Fisher, the company's..