The news media is abuzz with reports that Gap CEO and President Sonia Syngal is set to step down with immediate effect. She will, however, stay at the retailer during a brief transition period.
Bob Martin, who is currently the executive chairman of the board at Gap, will serve as interim president and CEO.
In a statement released to media, Sonia said that she is thankful to get board’s support in stepping down, thereby ushering in a new opportunity for fresh perspective and rejuvenated leadership to carry Gap Inc. forward.
Meanwhile, Gap announced that Horacio ‘Haio’ Barbeito – former President and CEO, Walmart Canada – will succeed Nancy Green as the new chief of its Old Navy business next month.
Notably, Nancy had left the post back in April 2022.
The US retailer also updated its fiscal Q2 guidance and said that it expects sales to drop in the approximately high single-digit range. Gap is set to report results for that period on 25 August 2022.
Gap was founded in 1969 and operates six primary divisions, namely, Gap (the namesake brand), Banana Republic, Old Navy, Intermix, Hill City and Athleta.
