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In People

Digital leader Art Peck to succeed Glenn Murphy as Gap CEO

Art Peck, President of Gap Inc.’s Growth, Innovation and Digital division, will succeed Glenn Murphy as chief executive officer effective 1 February 2015.

The company announced Murphy’s retirement from the company at the end of the current fiscal year. Under his stewardship, acquired new brands and globalized its business by expanding store locations from about 10 to 50 countries, including China.

“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,” Murphy said. “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 and Peck have worked side-by-side for the better part of a decade as Gap dramatically improved its financial performance while expanding globally.

Since joining the company in 2005, Peck has delivered significant results for Gap Inc. in a variety of brand, strategy and operational roles. He is currently responsible for creating the company’s omni-channel and digital strategies, and guiding the emerging Athleta, Intermix and Piperlime brands.

“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,” said Bobby Martin, lead independent director for Gap Inc.’s Board of Directors. “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. 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.”

Among his various roles within the company, Peck led the North American division for Gap brand in 2011 and 2012, overseeing the product resurgence that successfully improved its business results. Previously, as head of the outlet business for Gap and Banana Republic, Peck grew earnings and sales for the divisions and opened outlet stores globally. In his first few years with the company, he led the development of the global strategy that continues to guide the company, and established and launched its first franchise markets.

“I’m honored to be given the opportunity to lead this company with such powerful brands and incredible talent – a combination that sets us apart globally,” Peck said. “Our success will be based upon presenting brand-right, emotional product to our customers, both in stores and online. Building upon the foundation Glenn has established, we will be focused on continuing to execute our strategy to drive long-term shareholder value.”

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.