Gap Inc. (San Francisco) has fired CEO Sonia Syngal after she failed to turn around the embattled retail conglomerate.
Bob Martin, who has served on the company’s board for the past 20 years and is the current Executive Chairman, will step in as Gap’s President and CEO on an interim basis.
Syngal took over as Gap’s CEO in March 2020 after spending the previous four years as Old Navy’s chief executive. While the company’s Athleta brand has excelled recently, the Gap and Old Navy banners have struggled due to a combination of pandemic-related challenges and mismanagement.
Shares of Gap Inc. have been plunging all the while, with the company’s stock having fallen 74.7% from its 52-week high. Shares fell another 5.82% in pre-market trading following the announcement of Syngal’s dismissal.
In that same announcement, the company also named Horacio “Haio” Barbeito the new CEO of its Old Navy brand. He spent the last 26 years with Walmart, most recently as the President and CEO of Walmart Canada, and replaces the recently fired Nancy Green.