Glenn Murphy

The all-American brand is still grasping for that retail pixie dust.

New year, new Gap.

Art Peck, the president of Gap's division for growth, innovation and digital, will assume the role of CEO on Feb. 1.

Old Navy saved Gap Inc.'s butt when Gap and Banana Republic sales dropped off in June.

This is the latest in a series of positive changes for the company.

According to recent quarterly reports Gap's recent turnaround efforts seem to have paid off. Big time.