Glenn Murphy is new Gap Chairman & CEO

27 Jul '07

4 min read

Gap Inc announced that its board of directors has appointed Glenn Murphy to serve as chairman and chief executive officer of the company. Mr. Murphy, 45, has more than 20 years of retail experience across three distinct retail sectors, and has demonstrated the ability to consistently drive both top and bottom line results.

Most recently, Mr. Murphy served for six years as chairman and CEO of Shoppers Drug Mart, the largest drug store chain in Canada. He led the company through an unprecedented period of growth and shareholder returns during which revenues increased 22 consecutive quarters year-over-year and its earnings per share doubled.

"I'm thrilled with this opportunity to lead Gap Inc given the company's iconic stature and heritage of innovation and creativity," said Mr. Murphy. "Alongside some of the most talented people in the apparel industry, we'll work to reestablish each brand's leadership position and set the company along a path of sustained earnings performance."

Underscoring his commitment and belief in the long-term potential of the company, Mr. Murphy has stated his intention to purchase 150,000 shares of Gap Inc common stock in the next few weeks. He is expected to start with the company in the next week pending receipt of his U.S. work authorization.

Mr. Murphy succeeds Robert J. Fisher, the current chairman of the board of directors who has served as interim CEO since January of this year. Mr. Fisher will continue to serve on the board.

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