Gap Inc. Thursday named Glenn Murphy its new chairman and chief executive officer, filling the leadership void created by the January departure of Paul Pressler.
Murphy, 45, was most recently ceo of Shoppers Drug Mart, the Canadian drug store chain, and more than tripled the firm’s revenues, to about $9.5 billion, following an initial public offering.
Murphy succeeds Robert Fisher, who’d served as interim ceo since Pressler’s departure. Fisher will relinquish the title of chairman but continue to serve on Gap’s board.
Prior to joining Shoppers Drug Mart, Murphy was with Loblaw Companies, a leading Canadian retail and wholesale drug company, and was president and ceo of Chapters, a Canadian book retailer.
Murphy will join Gap in the next week, following receipt of U.S. work authorization, the company said. He’s also stated that he will purchase 150,000 shares of Gap common stock.
“I’m thrilled with this opportunity to lead Gap Inc. given the company’s iconic stature and heritage of innovation and creativity,” Murphy said in a statement. “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.”
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