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Gap Inc CEO Sonia Syngal to step down

Gap Inc CEO Sonia Syngal to step down



CEO of Gap Inc. Sonia Syngal speaks during a roundtable discussion with industry executives and US President Donald Trump on reopening the country, in the State Dining Room of the White House in Washington, DC on May 29, 2020.Gap Inc said on Monday that Chief Executive Officer Sonia Syngal would step down.

Current Executive Chairman Bob Martin will serve as interim CEO, effective immediately, the apparel maker 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 honor," Syngal said in a news release. "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."Gap also forecast second-quarter revenue would decline in the high-single-digit range. Its shares fell about 3% to $8.50 in extended trading.It expects adjusted operating margin percentage to be zero to slightly negative.Read More- CNN Business' Rob McLean contributed to this report


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