Gap Chairman and CEO Murphy Stepping Down

Gap said late Wednesday that Glenn Murphy will resign as its chairman and chief executive on Feb. 1, and the retailer will promote its digital leader Art Peck to CEO. The San Francisco company, which operates Gap, Old Navy and Banana Republic, said Wednesday that Murphy's resignation coincides with the end of its current fiscal year. He has been Gap's chairman and CEO since July 2007 and oversaw a turnaround that has lost steam in recent months.