It’s not easy selling jeans. With the release of a round of disappointing sales figures, GAP CEO Glen Murphy has announced that he is stepping down from the role sometime next year, reports The Wall Street Journal.
In an interview, Mr. Murphy said that he told the board he didn’t want to sign up for another long-term stint.
“I’m in my eighth year, and I told the board that if we find the right candidate, we should do that.”
Robert Fisher, who is the son of the founders and who will be taking over as chair, said the board attempted to convince Murphy to stay, but to no avail. Murphy is credited with engineering an uptick in the corporation’s overall sales, but has been unable to reinvigorate the company’s namesake brand. Gap sales dropped an unexpected 3 percent in September.
The markets’ clearly liked Murphy at the helm at the GAP. The stock gave up most of its advances of the last year with a 7.7 percent drop on the announcement of Murphy’s departure. Still, that is nearly double where the company was at when he took over.