Gap Names New CEO

Gap Inc. said Thursday it has named Glenn Murphy, the former top executive of Canada's largest drug store chain, to be the new chairman and chief executive of the troubled clothing retailer.

San Francisco-based Gap had been searching for a new CEO since January when the company jettisoned Paul Pressler following a dismal holiday season that deepened the company's slumping sales.

Robert Fisher, son of Gap founder Donald Fisher, had served as CEO in the interim. Fisher will stay on the board of directors.

Murphy, 45, whose retail experience spans more than 20 years, most recently served for six years as the chairman and CEO of Shoppers Drug Mart and led that chain through an unprecedented period of growth, Gap said.

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