Gap Inc. names new ceo

SAN FRANCISCO Gap Inc. announced today that its board of directors has appointed Glenn Murphy to serve as chairman and ceo of the company. He joins the company from Shoppers Drug Mart, the largest drug store chain in Canada, where he served as chairman and ceo for six years. Murphy succeeds Robert Fisher, the current chairman of the board of directors who has served as interim ceo since January of this year. Fisher will continue to serve on the board.

"I'm thrilled with this opportunity to lead Gap Inc. given the company's iconic stature and heritage of innovation and creativity," said 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."

During his more than 20 years of experience in retail, Murphy successfully reinvigorated retail brands in the areas of food, health and beauty, and books. Most recently, at Shoppers Drug Mart, he differentiated the brand with new products and better service, and grew the company's market capitalization from about CAD $3 billion to over CAD $10 billion following its public offering. He left the company in March of this year, after guiding the transition to his successor, to pursue other international opportunities.