Gap Chairman and CEO Murphy stepping down

NEW YORK (AP) — Gap says Glenn Murphy will step down as its chairman and CEO on Feb. 1, and the retailer said it will promote executive Art Peck to CEO.

The San Francisco company says Murphy is departing at the end of its current fiscal year. He has been Gap's chairman and CEO since July 2007.

Peck is in charge of the company's digital strategy and leads the company's Athleta, Intermix and Piperlime brands. He has worked for Gap since 2005.

Bob Fisher, whose parents founded the retailer, will become non-executive chairman. Peck will also join the board of directors.

Gap Inc. shares dropped nearly 8 percent to $38.72 in aftermarket trading.