Second gen Bob Fisher will become chairman of the clothing retailer Gap, which his parents founded more than 40 years ago, at the start of the next financial year.
The company announced on Friday that non-family chairman and chief executive Glenn Murphy, who has been at the helm since 2007, would be retiring next February.
Non-family member Art Peck, who joined the company a decade ago, will take over as chief executive, while Fisher, who joined the board in 1990, will become chairman.
A graduate of Princeton and Stanford, Fisher started with the company as a store manager in 1980, before moving on to its corporate headquarters, and later becoming president of one of the company’s subsidiaries, Banana Republic.
His parents, Don and Doris Fisher, founded Gap Inc in 1969 after seeing an opening in the market for well fitted, reasonably priced jeans. The company has since grown into an international business with revenues of $16.1 billion in 2013. The company is publicly listed, but the family owns around a third of stock.
Speaking on next year’s leadership changes, Fisher said: “Art Peck is an inspiring leader who thinks big, brings out the best in people, and understands how retail is changing today.”
He said that the company owed its gratitude to Murphy for his “leadership, vision and selfless devotion to the company”, adding that he had paved the way for a seamless transition.
Fisher’s brother William also serves on the board, and his mother, who stepped down from the board in 2009 after four decades, is an honourary lifetime director.
His father was chairman emeritus at his death in 2009.
Gap’s other companies include Old Navy and Athleta.