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July 27, 2007
Gap Names Drugstore Exec As New CEO
In a somewhat surprising move, Gap selected former Canadian drugstore retailer Glenn Murphy its new chairman and CEO. Murphy was the top executive at Shoppers Drug Mart Inc., where he led a turnaround by introducing more upscale goods.
Despite his success, Murphy has no apparel experience, making him a curious choice to lead the struggling clothing chain. Gap hasn’t shown sales growth for five years and its brand is starting to wane, in large part due to its merchandise decisions.
We will be eager to see how Murphy will approach the retailer’s challenges.
Posted by Blacks on July 27, 2007 09:52 AM
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