Apparel retailer Gap Inc. named Art Peck, who currently oversees Growth, Innovation and Digital division as its next CEO, effective from February 1, 2015 and succeeds Glenn Murphy.
Murphy and Peck worked side-by-side and dramatically improved its financial performance while expanding globally.
Peck has delivered significant results for Gap in a variety of brand, strategy and operational roles since joining the company in 2005.
He is currently responsible for creating the company’s omni-channel and digital strategies, and guiding the emerging Athleta, Intermix and Piperlime brands.
Among his various roles within Gap, Peck led the North American division for Gap brand in 2011 and 2012, overseeing the product resurgence that successfully improved its business results.
Previously, as head of the outlet business for Gap and Banana Republic, Peck grew earnings and sales for the divisions and opened outlet stores globally.
In his first few years with the company, he led the development of the global strategy that continues to guide the company, and established and launched its first franchise markets.
Following seven successful years in his role, Gap said Murphy took the personal decision to retire from the company at the end of the fiscal year.
Since the end of 2007, Gap said it has delivered exceptional financial results, with an impressive six-year compounded annual growth rate (CAGR) on earnings per share of 17 percent.
Under Murphy’s stewardship, the company acquired new brands and globalized its business by expanding store locations from about 10 to 50 countries, including China. (AR)
