Boston, MA 10/09/2014 (wallstreetpr) – Specialty apparel firm The Gap Inc. (NYSE:GPS) announced late on 8th October that it’s Chairman of the Board, Chief Executive Officer Glenn K. Murphy has tendered his resignation to the board of directors. His resignation will become effective on February 1st. It also announced that Art Peck would be moving in to take over the role of CEO. Art Peck currently runs the firm’s digital market business. Mr. Murphy has been at the helm of affairs over the past 7 years. He had managed to turn around the firm in the recent past, but analysts had started to comment about his efforts seemingly loosing imputes in recent weeks. The firm has indicated that stepping down from the leadership position was Mr. Murphy’s personal decision.
Advanced Micro Devices, Inc. (NYSE:AMD) announced yesterday that it is replacing its outgoing President and Chief Executive Officer, Director Rory P. Read with its incumbent Chief Operating Officer and Senior Vice President Lisa T. Su Ph.D. The move comes amidst the broadening of the chip makers target market to include enterprise hardware and servers as against its traditional focus on the personal computer market. On the back of news of change of guard becoming public, investors exited the stock of the chip maker enmass.
Microsoft Corporation (NASDAQ:MSFT) is said to have issued a letter of intent indicating its interest to buy Israel headquartered tech firm Equivio Ltd. The smaller firm specializes in developing “text analysis tool.” The tools are used in “for legal and compliance e-discovery” purposes. The news was first reported by The Wall Street Journal yesterday. The deal size is purported to be in the range of $200 million as per people who are in the know. The two firms have been partnering each other since 2006. Neither of the companies have responded to media questions related to the LOI.