The CEO and chairman of fashion chain Gap is to step down in February after seven years at the helm of the iconic US retailer.

Glenn Murphy will be replaced by the company’s current head of digital and company veteran Art Peck as CEO and Bob Fisher, who has been with the company for 35 years, will take over as non-executive chairman.

Among his various roles within the company, Mr Peck led the North American division for Gap brand in 2011 and 2012, overseeing the product resurgence that successfully improved business results.

Previously, as head of the outlet business for Gap and Banana Republic, Peck grew earnings and sales for the divisions and opened outlet stores globally. In his first few years with the company, he led the development of the global strategy that continues to guide the company, and established and launched its first franchise markets.  

“I’m honoured to be given the opportunity to lead this company with such powerful brands and incredible talent – a combination that sets us apart globally,” Mr Peck said. “Our success will be based upon presenting brand-right, emotional product to our customers, both in stores and online. Building upon the foundation Glenn has established, we will be focused on continuing to execute our strategy to drive long-term shareholder value.”