Gap CEO Glenn Murphy to retire

Gap announced Wednesday that Chairman and CEO Glenn Murphy will retire on Feb. 1. Murphy has held the post since July 2007, during which time the company acquired Intermix and Athleta, helping grow the athletic wear company from an online-only retailer to a chain with around 80 stores. He announced no specific plans after January, saying only that he could not make the long-term commitment the company needed.

Under Murphy's leadership, Gap became one of the early adopters of omnichannel strategies, combining digital and in-store shopping experiences by allowing customers to reserve products in-store.

Art Peck, Gap's president of growth, innovation and digital, will take the helm after Murphy's departure, while Bob Fisher will fill in as chairman. Peck joined Gap in 2005 and previously held positions as president of Gap North America and head of the outlet business during its global transition.

"Today, Gap Inc. 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 in a statement. "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." Press release