Gap Inc. has named Sonia Syngal president and chief executive officer, stepping up from her current role as ceo of Old Navy.
Gap Inc. did not name a successor to Syngal at Old Navy, but last August, Nancy Green, who was running the fast-growing Athleta division, became president and chief creative officer of the retailer, reporting to Syngal. In January, Gap Inc. scrapped its plan for an initial public offering of Old Navy amid the chain’s recent declining performance.
Syngal becomes Gap Inc. ceo on March 23, succeeding Art Peck who was forced out of the company last November.
“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,” said Bob Fisher, interim Gap Inc. ceo and current chair of the Gap Inc. board of directors. “Sonia has all of the characteristics and experiences needed to effectively execute against the work ahead. She is an excellent operator who drives innovation and decisive action, and she leads with both vision and heart.”
“It’s an honor 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,” said Syngal. “I’m committed to fully realizing the potential of our portfolio and the advantage of our scale, with a focus on strengthening the love that our millions of customers have for our brands. To do that, we must better prioritize initiatives and capabilities that will improve execution and drive value creation.”
The company also said that board member Bobby Martin will take the role of executive chairman, effective March 23. Martin has extensive experience in the retail world, having served as president and ceo of Walmart International, as a former director at Dillard’s Inc., and as a member of the Gap Inc. board since 2002.