Gap (GPS) CEO Sonia Synga is Out, Q2 Outlook Updated
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Gap CEO Syngal exits as margin squeeze deepens
July 11, 2022 4:39 PM EDT(Reuters) -Gap Inc said on Monday that Chief Executive Sonia Syngal will step down just over two years into the role, as the apparel seller wrestles with weak demand for its casual attire and a slump in its stock price.
It also warned that margins would stay under pressure in the second quarter as costs spiral, sending shares of the company down about 4% after hours.
Executive Chairman Bob Martin will step in as interim CEO, while... More
Gap, Inc. (GPS) Announces CEO Sonia Syngal to Step Down, Comments on Guidance, Appointment of Horacio “Haio” Barbeito as President and CEO of Old Navy
July 11, 2022 4:33 PM EDTGap Inc. (NYSE: GPS) announced today that president and chief executive officer Sonia Syngal will step down from her position and from the company's Board, departing the company following a brief transition.
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. 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, said Syngal. With an exceptional and... More
