Gap CEO Sonia Syngal to step down amid weak sales

KIFI

Published July 11, 2022 4:06 PM

By ANNE D’INNOCENZIO
AP Retail Writer

NEW YORK (AP) — Gap Inc. has announced that its CEO and president Sonia Syngal is stepping down from her roles after two years on the job, effective immediately. The move, announced Monday, comes as the San Francisco-based clothing company, which operates stores under its namesake, Old Navy and Banana Republic, struggles with slumping sales and supply chain challenges. Syngal, who has been with the company since 2004 including a stint as CEO of Old Navy, will stay on for a brief transition period. Bob Martin, a 40-year retail industry veteran, will take over her roles in the interim. Martin has served on the Gap board since 2002 as lead independent director from 2003 to 2015, and as executive chairman since 2020.

Article Topic Follows: AP National Business

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