Gap CEO Sonia Syngal Steps Down; Company Anticipates Dim Q2 Outlook

Gap CEO Sonia Syngal Steps Down; Company Anticipates Dim Q2 Outlook
  • Gap Inc GPS said its president and CEO Sonia Syngal stepped down from her position and the company's Board, effective immediately.
  • The company disclosed in a regulatory filing that Syngal will be eligible for separation benefits based on her termination without cause.
  • Bob Martin, the company's current executive chairman of the Board, will serve as Gap's president and CEO on an interim basis, effective immediately.
  • Martin has served on the Gap Board since 2002, as lead independent director from 2003 to 2015, and as executive chairman since 2020.
  • The company has also appointed Horacio Barbeito as president and CEO of Old Navy.
  • Outlook: Gap expects Q2 FY22 sales to decline in the high-single-digit range. The company said it continues to navigate margin headwinds.
  • Gap anticipates Q2 adjusted operating margin percentage to be zero to slightly negative.
  • Price Action: GPS shares are trading lower by 5.82% at $8.25 in premarket trade on Tuesday.
  • Photo Via Company

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