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Gap Inc. on Monday announced that its president and CEO, Sonia Syngal, would step down from her role in the company and on its board.
Syngal will remain in her role during a transition period, after which Gap executive chairman Bob Martin will serve as president and CEO before a replacement is named, the company said. Syngal served as the CEO of Gap Inc. since March 2020 and had worked at the company for 18 years, including as the head of its Old Navy business.
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“With an exceptional and industry-leading CEO for Old Navy now appointed, I am thankful to have the board’s support in stepping down, ushering in a new opportunity for fresh perspective and rejuvenated leadership to carry Gap Inc. forward,” Syngal said in a statement.
The news comes shortly after another major executive shift for the company in April, when Nancy Green stepped down from her role as president and CEO of Old Navy. At the time, Syngal signaled that this was a corporate decision, and Green was let go, mentioning that it was the “right time to bring in a new leader with the operational rigor and creative vision to execute on the brand’s unique value proposition.”
Gap Inc. announced Monday that Horacio “Haio” Barbeito would take over as president and CEO of Old Navy, replacing Green. Barbeito joins Gap Inc. after a 26-year stint at Walmart Canada, where he most recently served as president and CEO.
“Particularly in this environment, Haio’s sincere customer empathy, operational excellence and passion for product and marketing innovation will fuel Old Navy’s competitive strengths on its path to $10 billion, rooted in fun, family, fashion and value,” Martin said in a statement.
Gap updated its financial guidance and said it expects net sales in the Q2 of fiscal 2022 to decline in the high-single-digit range, relatively in-line with its expectations. The company also expects to see $50 million in costs related to air freight expenses and inflation.