Gap To Cut Back On Directors, Reduce Pay For Remaining Board Members
The company also disclosed Gap chairman and CEO, Glenn Murphy, has volunteered to cut his annual salary by 15 percent, and merit-based salary increases were eliminated for most headquarters employees for 2009.
Two members of the Gap board, Howard Behar and Penelope Hughes, have agreed not to stand for re-election for a new term in May 2009 at the time of the company's annual meeting. Company co-founder Doris Fisher has decided not to stand for re-election at that time and will assume the role of honorary lifetime director, according to the company.
In the 2008 fiscal year, the company reduced its operating expenses by $478 million, and the savings described above are in line with the company's simplification and cost management philosophy.
San Francisco-based Gap is a specialty retailer offering clothing, accessories and personal care products for men, women, children and babies under the Gap, Banana Republic, Old Navy, Piperlime and Athleta brand names.
The company operates more than 3,100 stores in the United States, the United Kingdom, Canada, France, Japan and Ireland. It is expanding its international presence with franchise agreements in Asia, Europe, Latin America and the Middle East.
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