When Gap Inc. announced Wednesday its CEO Glen Murphy would retire after seven years at the helm, its stock fell 7 percent in after-hours trading and 12 percent Thursday morning. Murphy had successfully turned around the retailer’s long-running sales slump but struggled recently to maintain the company’s momentum.
Murphy, 51, told the board that he didn’t want another long-term stint, the Wall Street Journal reported. His successor, Art Peck, 58, will take over on Feb. 1.
So who is Peck? Here are eight things to know about him.
1. Peck is head of Gap’s digital division, where he has executed e-commerce strategy and acquisitions and overseen the namesake brand Gap clothing chain for nearly a decade. He first joined Gap in 2005.
2. He has an MBA from Harvard and spent two decades at Boston Consulting Group.
3. At an April investor meeting, Murphy said Gap’s future depends on its athletic brand, sales in China and its efforts to bridge the digital and physical divide, by allowing customers to order online and pick up in the store, for example. Peck has overseen all three of these areas.
4. In his first role at Gap as senior vice president of strategy and operations, he oversaw Gap’s entry into China and launched franchises of Gap, Banana Republic and Old Navy stores in 40 countries.
5. In 2008, he led efforts to acquire Athleta, the women’s yoga brand that started online and now has brick-and-mortar stores.
6. In 2012, he oversaw a $130 million acquisition of Intermix, the luxury womenswear chain.
7. He oversaw six straight quarters of growth between February 2011 and the end of 2012 as the president of Gap Inc.’s Gap brand.
8. He supported the company’s decision in February to voluntarily raise minimum wage for workers to $10 an hour.