Gap Chairman and CEO Glenn Murphy To Step Down in February

Gap has announced that Glenn Murphy will resign as its chairman and chief executive on Feb. 1, and the retailer will promote its digital leader Art Peck to CEO. The San Francisco company, which operates Gap, Old Navy and Banana Republic, said Wednesday Murphy is resigning on Feb. 2, the end of its current fiscal year. He has been Gap's chairman and CEO since July 2007 and oversaw a turnaround that has lost steam in recent months. Since joining Gap in 2005, Peck has been involved in a variety of operational roles and served as the president of Gap's outlet division and the namesake brand's North America division. But his most recent role has been overseeing new innovations that cater to shoppers jumping back and forth from their smartphone to the store.