- Push-out Score determined
- After less than two and a half years in the position
- Praise and thanks for Syngal
- Bob Martin taking over temporarily
- Search for a successor
- Syngal spoke at length and said 143 words
(exechange) — San Francisco, California, July 11, 2022 — Sonia Syngal, chief executive of Gap, leaves. As announced by Gap Inc. in a news release and in a regulatory filing published on Monday, July 11, 2022, Sonia Syngal leaves her post as chief executive officer at the apparel retailer, after less than two and a half years in the role, effective immediately.
Gap will undertake a search for a successor.
Sonia Syngal’s duties as CEO will be taken over temporarily by Bob L. Martin, most recently Executive Chairman at Gap Inc., as Interim Chief Executive Officer.
Bob Martin is about 21 years older than Sonia Syngal.
Sonia Syngal’s move coincides with a management shake-up also involving the position of president and chief executive officer of Old Navy.
“I am thankful to have the board’s support in stepping down”
Gap did not give an explicit reason for Sonia Syngal’s departure from the CEO post. Syngal said: “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.”
Precise information regarding Sonia Syngal’s future plans was not immediately available.
“Step down”
Gap said: “[P]resident 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.”
Gap further said: “Sonia Syngal is stepping down from her position as President and Chief Executive Officer of the Company, and has resigned from the Company’s Board of Directors, both effective immediately.”
Share price decline since July 2021
The announcement follows a decline in Gap Inc.’s share price of 73% since July 2021.
In the position of CEO since 2020
Sonia Syngal became CEO of the Company in 2020.
Her bio reads as follows:
- Chief Executive Officer of Gap Inc. since March 2020.
- President and Chief Executive Officer, Old Navy from April 2016 to March 2020.
- Executive Vice President, Global Supply Chain and Product Operations of Gap Inc. from February 2015 to April 2016.
- Executive Vice President, Global Supply Chain of Gap Inc. from November 2013 to January 2015.
Since joining Gap Inc. in 2004, Syngal has served in key leadership and general management roles including Managing Director for Gap Inc.’s Europe business, Senior Vice President for Gap Inc.’s International division and Senior Vice President for Gap Inc.’s International Outlet division.
Prior to joining Gap Inc., Syngal had a long career in Fortune 500 product companies, including Sun Microsystems where she led manufacturing operations, logistics and supply chain management, and at Ford Motor Company where she held roles in product design, quality and manufacturing engineering.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Sonia Syngal’s move on a scale of 0 to 10.
exechange reached out to Gap and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 29.2022 ($).