Gap Promotes Old Navy Chief Executive as Its Next CEO--Update
06 March 2020 - 10:18AM
Dow Jones News
By Micah Maidenberg
Gap Inc. said it promoted the head of Old Navy to be its chief
executive and appointed a board member to take over as board
chairman from Bob Fisher, one of the sons of the company's
founders.
Sonia Syngal, who will take over the CEO position at Gap
effective March 23, joined the company in 2004 and served in a
variety of executive roles before taking on the top job at Old Navy
in April 2016, according to a filing. Ms. Syngal boosted the
brand's store footprint in North America and developed its
e-commerce capabilities, Gap said Thursday.
She will replace Mr. Fisher -- who has been serving in that role
on an interim basis since November, when former Gap CEO Art Peck
stepped down. Mr. Fisher will remain on the board.
The company said Bobby Martin -- the former top executive of
Walmart Inc.'s international business and a Gap board member since
2002 -- will take over as executive chairman on March 23. Mr.
Fisher currently holds that position.
About a year ago, Gap said it planned to spin off Old Navy into
a separately traded public company, but jettisoned those plans in
January, saying the split would have been too expensive and complex
to pull off.
Gap has struggled to bolster sales, though Old Navy has been a
relatively bright spot until more recently.
The company also said Thursday that Elizabeth Smith, the former
CEO of Bloomin' Brands Inc., and Amy Miles, the former CEO of Regal
Entertainment Group, will join its board.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
March 05, 2020 18:03 ET (23:03 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Gap (NYSE:GAP)
Historical Stock Chart
From Sep 2024 to Oct 2024
Gap (NYSE:GAP)
Historical Stock Chart
From Oct 2023 to Oct 2024