Gap to reduce size of board

San Francisco The Gap board of directors announced it has decided to reduce its size from 13 to 10 members, and to cut the compensation for remaining members for 2009 by reducing both the annual cash retainer and stock compensation by 15%.

The company also disclosed that Glenn Murphy, chairman and CEO, Gap, volunteered to cut his annual salary by 15%, and merit-based salary increases were eliminated for most headquarters employees for 2009.

As part of the announcement, two members of the board -- Howard Behar and Penelope Hughes -- agreed not to stand for re-election for a new term at the company’s annual shareholders meeting in May. In addition, company co-founder Doris Fisher has decided not to stand for re-election at that time and will assume the role of honorary lifetime director.

"This is an appropriate time for us to look at the size and structure of our board of directors,” said Glenn Murphy, chairman and CEO, Gap.