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Gap boss takes pay cut

Gap’s chairman and chief executive Glenn Murphy will take a 15% salary cut as part of plans to cut costs.

Gap, which operates the Gap, Banana Republic and Old Navy chains, will also reduce the board from 13 to 10 members.

Gap co-founder Doris Fisher will not stand for re-election to the board in May, instead becoming an honorary lifetime director of the business.

Gap board members Howard Behar and Penelope Hughes have also agreed not to stand for re-election to the board for a new term in May this year.

Compensation to the board members who will remain will be cut by reducing the annual cash retainer and stock compensation by 15%.

Merit-based salary increases have already been eliminated for most head office employees for 2009.

Murphy said: “This is an appropriate time for us to look at the size and structure of our board of directors. All of us at Gap are deeply indebted to the hard work and dedication of Howard Behar and Penny Hughes on our Board of Directors, and we’re grateful for their many contributions.”

“We’re also delighted Doris Fisher will remain involved with the company through a new role – as an honorary lifetime director of the company – that allows her to continue to be an inspiring role model for our leaders and employees.”







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