Gap CEO Glenn Murphy to step down
In a statement Murphy said: “Today, Gap Inc is a formidable global fashion retailer with a strong foundation in place for long-term growth, therefore making this an appropriate inflection point for me to pass the baton to a leader who will take our portfolio of brands to even greater heights.
“With consumer expectations rapidly evolving, Art is the right leader at the right time to build on our success and ensure a compelling experience for our customers across both our physical and digital channels.”
Murphy is leaving the company after seven years in the role.
Gap said the board had unanimously agreed that Peck was the ideal choice for the chief executive role, adding that he had delivered significant results in variety of brand, strategy and operational roles since joining the company in 2005.
Among his various roles, Peck led the North American division for Gap brand in 2011 and 2012, and was previously head of the outlet business for Gap and Banana Republic. He is currently responsible for creating Gap’s omni-channel and digital strategies and guiding the emerging Athleta, Intermix and Piperlime brands.
Prior to Gap, Peck spent more than 20 years at The Boston Consulting Group where he was senior partner, with a focus on consumer technology, media and entertainment, consumer products, and retail.
Bobby Martin, lead independent director for Gap’s board of directors, said: “We are pleased to have an internal leader with Art’s proven track record and management capabilities to chart the path for the company to further compete, win and grow. Art has created substantial value for the company over the past decade, and the board is confident he will further increase long-term returns for our shareholders.”
He added: “The Murphy era at Gap Inc will be long remembered for successful global expansion, strategic investments in key growth areas, and the consistent shareholder returns that our management team delivered.”
As part of the transition, Bob Fisher, who has a 35-year history with the company founded by his parents, will become non-executive chairman of the board. Meanwhile, Peck will join the board on 1 February 2015.
Fisher said: “Art Peck is an inspiring leader who thinks big, brings out the best in people, and understands how retail is changing today. We owe a debt of gratitude to Glenn for his leadership, vision and selfless devotion to the company, and he’s created the path forward for the smooth and seamless transition our shareholders and employees deserve.”
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