By Daniel Hunter

The chief executive of US clothing retailer Gap will step down from the role in February.

Glenn Murphy, who has been in the role of chief executive and chairman for seven years, announced the decision late on Wednesday.

Gap's digital leader, Art Peck, will replace Murphy as chief executive.

The news came as Gap released weak financial figures for the third quarter. The retailer said like-for-like sales in the period were likely to hit profits.

Gap's market value has almost tripled since Glenn Murphy took over in 2007 and its profits have more than doubled.

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