// Gap names Old Navy boss Sonia Syngal as its new CEO
// Effective from March 23
// Gap board member Bobby Martin will also be promoted to executive chairman
Gap has made some significant boardroom changes, with the appointment of a new chief executive and a new executive chairman.
Sonia Syngal, who has led the Gap-owned Old Navy fascia since 2016, was appointed chief executive and will replace Art Peck who stepped down late 2019.
Meanwhile board member Bobby Martin was promoted to executive chairman, replacing current chair Bob Fisher – who has also been acting as interim chief executive since Peck’s departure.
Both appointments are effective from March 23.
- Gap CMO Alegra O’Hare exits after less than a year
- Gap ditches plans to spin off Old Navy
- Gap CEO Art Peck to step down
Syngal’s top priority will be to strengthen the performance of Gap’s portfolio and will also join the retailer’s board of directors.
“To lead the company into its next chapter, we sought a dynamic leader who could bring a deep respect for our customers and make the decisions necessary to deliver value from our portfolio of brands over the long term,” Bob Fisher said.
“Sonia has all of the characteristics and experiences needed to effectively execute against the work ahead.”
Syngal is credited for leading Old Navy from $7 billion to $8 billion in sales in just three years, expanding its North American presence to more than 1200 stores and scaling its ecommerce site to become the largest online fashion retailer in the US/
Prior to that, she was executive vice president of global supply chain and product operations, responsible for managing Gap’s global supply chain for its portfolio of brands.
She first joined Gap in 2004 and some of her earlier senior management roles included stints in Europe.
“It’s an honour to build on this company’s rich heritage and lead our nearly 130,000 employees in transforming our business and operations to successfully compete in the future,” Syngal said.
Meanwhile, Martin has extensive experience in the retail world, having served as president and chief executive of Wal-Mart International and as a member of the Gap’s board of directors since 2002.
Gap also announced election of Elizabeth Smith and Amy Miles to serve on its board, effective April 1.