16 July 2022, Mumbai:
Gap CEO Sonia Syngal is stepping down, effective immediately, the company announced on Monday, as the apparel retailer battles supply chain challenges and slumping sales.
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, Gap said.
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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.
The company also announced that Horacio “Haio” Barbeito will join the Gap Inc. Leadership Team as president and chief executive officer of Old Navy, where he will lead the brand in delivering on its unique value proposition, offering style, t, quality, and cultural relevance at jaw-dropping prices.
Barbeito will join Old Navy on August 1. “The company’s co-founders, Doris and Don Fisher, created a lasting and undeniable legacy for Gap Inc. as a company with a heart. It is a home for creatives, innovators, data scientists, operators, and customer advocates, to build their careers and break boundaries, just as it enabled me to do the same,” added Syngal.
CREDITS: CNBC
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