Gap Inc. CEO and President Sonia Syngal Resigns, Effective Immediately
Gap Inc. CEO and President Sonia Syngal is stepping down from her position and from the company's board, effective immediately, the apparel retailer announced on Monday. Syngal will stay at the company during a brief transition period, and Bob Martin, the company’s current executive chairman of the board, will serve as interim president and CEO. Syngal has been with Gap Inc. since 2004 and was previously the leader of its Old Navy business before she took over as CEO in March 2020, just days before the COVID-19 pandemic took hold.
Continuing the C-suite shakeup, Gap Inc. also announced that Horacio “Haio” Barbeito will join the company's leadership team as president and chief executive officer of Old Navy, succeeding Nancy Green, who departed the post in April. Barbeito most recently served as president and CEO of Walmart Canada and is expected to take over the Old Navy business on Aug. 1.
Total Retail's Take: According to Gap's press release, it appears that Syngal initiated the retailer's leadership transition. “With an exceptional and industry-leading CEO for Old Navy now appointed, I'm 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," said Syngal.
Gap Inc. has struggled during the COVID-19 pandemic, like many other retailers, and it seems Syngal is welcoming a reprieve after leading the business through turbulent times. The incoming chief executive will take on a challenge as headwinds continue. Gap is expecting net sales in its second fiscal quarter to decline, is grappling with inflation and supply chain obstacles, and recently took a hit from Old Navy's rocky plus-size apparel launch.
Also of note, Syngal’s departure leaves only 43 female CEOs on the Fortune 500. She's also the second executive woman to leave Gap Inc. in recent months, following Nancy Green's exit from Old Navy.
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- Gap
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- Sonia Syngal
Kristina Stidham is the digital content director at Total Retail and sister brands Women in Retail Leadership Circle and Women Leading Travel & Hospitality at NAPCO Media. She is passionate about digital media and handles video, podcast and virtual event production for all brands. You can often find her at WIRLC, TR, WLT&H or industry events with her camera and podcasting equipment—or at home on Zoom—recording interviews with thought leaders and business executives.
Kristina holds a B.A. in Media Studies and Production from the Temple University Klein College of Media and Communication in Philadelphia. Go Owls! When she's not in the office, she loves to go on long walks, sing around the house, hangout with her family and two pet guinea pigs, and travel to new places.
