The Gap Stock Plummets After Chairman/CEO Glenn Murphy Resigns

One day after announcing its Chairman and CEO is stepping down, shares of The Gap Inc. plummeted on Thursday, making it TheStreet's Move of the Day. The retailer giant which operates Gap, Banana Republic and Old Navy, announced late Wednesday that Glenn Murphy will resign on February 1st of next year. The San Francisco-based clothing company said that Murphy who has been at the head of the company since July 2007 will be replaced by its digital leader Art Peck as CEO. Gap had its rating cut at Janney Montgomery Scott today to 'neutral' from 'buy'with a $41 price target. The firm cited Murphy's resignation, and the weak Gap division.