Gap names new CEO

Struggling apparel company names Glenn Murphy as its new chairman and CEO; shares jump in after-hours trading.


NEW YORK (CNNMoney.com) -- Gap Inc. announced Thursday that it has appointed Glenn Murphy to serve as chairman and chief executive officer of the clothing retailer which has struggled to keep up with rival chains.

Murphy will succeed Robert J. 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.

Shares of Gap (Charts, Fortune 500) jumped 2 percent to $17.25 in extended trading after closing down nearly 5 percent to $16.81 on the New York Stock Exchange.

Murphy, who has more than 20 years of experience in retail, is expected to start as head of the company in the next week, pending U.S. work authorization and said he intends to purchase 150,000 shares of Gap common stock.

Murphy formerly served as chairman and CEO of the largest drug store chain in Canada, Shoppers Drug Mart, for six years.

During his tenure, he lead the company through a period of growth and shareholder returns and Shopper Drug Mart reported increased revenue for 22 consecutive quarters year-over-year and its earnings per share doubled.  Top of page

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.