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Why Gap Stock Is Falling Hard Today

TheMotleyFool

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Shares of Gap (NYSE: GPS) were plummeting this morning after the company said late yesterday that it's cutting its growth outlook for the current quarter and announced that Old Navy's CEO is leaving the company.

Gap's stock was down by 19.1% at 11:11 a.m. ET.

Gap's management said in a press release that Old Navy CEO Nancy Green is leaving the company and that "we believe now is the right time to bring in a new leader with the operational rigor and creative vision to execute on the brand's unique value proposition."

Source Fool.com

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