Clothing retailer Gap Inc. is pinning its future to a veteran Canadian merchant from the retail worlds of drug stores, books and food.Glenn Murphy is a fashion industry outsider, but the company that built its $16 billion empire on khakis, T-shirts and jeans is banking on him.
After a seven-month search, Gap on Thursday named Murphy, 45, as its new chairman and chief executive.
Murphy's retail experience spans more than 20 years, and he most recently served for six years as the chairman and CEO of Shoppers Drug Mart, the largest drugstore chain in Canada. During his stint there, he led that chain through an unprecedented period of growth and doubled its earnings per share, Gap said.
Before that, Murphy was president and CEO of Chapters, Canada's leading book retailer, and he held various management positions at Loblaw Companies Ltd., Canada's largest food distributor and supermarket chain.
Source: Businessweek
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