Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

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.”

 

 

 

 

 

 


Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.