Gap CEO to Retire After Fiscal Year Ends
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melmedia/iStock Editorial/Thinkstock(NEW YORK) — Gap Inc. announced on Wednesday that its CEO, Glenn Murphy, will retire from the company at the end of the fiscal year and will be replaced by Art Peck, current president of the company’s Growth, Innovation and Digital division.
Murphy has held the CEO position for seven years, during which the company says it has “delivered exceptional financial results” and “acquired new brands and globalized its business by expanding store locations from about 10 to 50 countries, including China.” Murphy will hand the reins of the company over to Peck on Feb. 1, 2015.
Murphy called the timing of the decision “an appropriate inflection point for me to pass the baton to a leader who will take our portfolio of brands to even greater heights.” He also praised the work Peck has done for the company in a variety of roles since coming on board in 2005.
Peck, in a company press release, said he is “honored to be given the opportunity to lead this company.”
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