Gap chief executive Sonia Syngal steps down
Gap Inc chief executive Sonia Syngal is to step down and be succeeded on an interim basis by Bob Martin, the company’s executive chairman.
The news comes as the retailer, which also operates the Old Navy, Banana Republic and Athleta brands, struggles against weak consumer demand for its clothing.
Syngal has held the role for just over two years.
Gap has also announced that Horacio Barbeito will join its leadership team as president and chief executive of the Old Navy brand on 1 August. He most recently served as president and chief executive of Walmart Canada, but has worked with Walmart for 26 years in a variety of leadership roles across merchandising, marketing, supply chain and store operations.
In a statement, Syngal said: “Leading this great company and our 100,000-strong employees since 2020, through unprecedented challenges for our industry, and society, has been an immense honour.
“Through it all, Gap Inc. and its dedicated teams have seized change as an opportunity, restructured for future growth, crystallized unique brand identities rooted in cultural relevance and fiercely chased transformation.
“With an exceptional and industry-leading CEO for Old Navy now appointed, I am thankful to have the board’s support in stepping down, ushering in a new opportunity for fresh perspective and rejuvenated leadership to carry Gap Inc forward.”
Giving an update on recent trading, Gap said it is expecting second quarter net sales to decline in the approximately high-single digit range, relatively in-line with prior expectations.
The company said it is continuing to navigate higher costs for transportation and raw materials. In addition, it has taken a more aggressive approach to assortment balancing which has resulted in increased promotional activity during the quarter.
Gap now anticipates that its second quarter’s adjusted operating margin percentage will be zero to slightly negative.
