Gap appoints digital exec as new CEO October 8, 2014 | By Vivian Lee Gap has appointed a new CEO. Art Peck, currently president of the company’s growth, innovation and digital division, will succeed Glenn Murphy as the company’s next executive chief, effective Feb. 1, 2015. The company said that after seven years in his role, Murphy made the personal decision to leave the company at the end of the fiscal year. Under Murphy’s stewardship, the company acquired new brands and globalized its business by expanding store locations from 10 to 50 countries, including China. “Today, Gap 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.” Peck joined the company in 2005. He is currently responsible for creating the company’s omnichannel 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’s board. “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 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. 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, and Peck will join the board, effective Feb. 1, 2015. News of the company’s move came on the heels of its September sales results, which were up just 1% compared with last year. Net sales for the five-week period ended Oct. 4 were $1.48 billion compared with net sales of $1.46 billion for the same period last year. Comparable sales for the month were flat compared to a 3% decrease last year.
Posted on: Thu, 09 Oct 2014 10:40:20 +0000
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