Gap chooses Murphy as chair, CEO

Gap chooses Murphy as chair, CEO San Francisco-based apparel retailer Gap Inc. has named former Canadian drug store chain top executive Glenn Murphy as chairman and chief executive.
   A 20-year veteran of the retail industry, Murphy, 45, most recently served for six years as chairman and CEO of Canadian chain Shoppers Drug Mart. Prior to that Murphy served as president and CEO of Canada’s leading book retailer, Chapters, and held executive positions at Loblaw Cos. Ltd., Canada’s largest food distributor and supermarket chain.
   Gap began a search for a new CEO in January after the troubled firm cut loose Paul Pressler following a poor holiday season showing that continued the firm’s slumping sales. Despite Murphy’s lack of fashion industry background, the Gap chose Murphy based on his strong performance while leading Shoppers Drug Mart.
   The 3,100-store Gap chain, which operates under the names Gap, Old Navy and Banana Republic, has seen lackluster sales since the spring of 2004.
   Murphy will replace Robert Fisher, the firm’s former chairman and son of Gap founder Donald Fisher, who had served as interim CEO since January. Fisher will stay on the board of directors.