Sonia Syngal, Gap Inc.’s chief executive officer, logged total compensation of $18.3 million last year — a 16.6 percent drop from her 2020 payday of nearly $22 million.
As is typical, most of the CEO’s pay came in the form of stock awards and options, which were valued at a total of $14 million when they were granted. But whether she’ll see that full value will depend on the stock price — and therefore the company’s — performance.
The rest of Syngal’s compensation was made up of a $1.3 million salary, incentive pay of $2.8 million and other compensation of $97,235, including $32,018 for personal use of company aircraft.
Syngal became CEO just as the pandemic hit in March 2020, taking over from Art Peck, who had been ousted the previous year when the plan to split the company in two was undone.
As CEO, Syngal has had to be flexible from the start, adjusting to the rapid-fire changes of the pandemic and opening up the business to new possibilities. The namesake Gap brand, for instance, has driven buzz with its Kanye West partnership and formed a venture with Next that put the brand back on the British high street.
While the company logged losses in the fourth quarter, for the year it saw profits of $256 million as sales rose 21 percent to $16.7 billion.
Syngal gets the big paycheck and the corner office — and the responsibility for steering the ship — but the company’s other top executives also saw big and stock-heavy compensation packages including:
• Nancy Green, president and CEO, Old Navy: $9.5 million.
• Mark Breitbard, president and CEO, Gap: $7.6 million.
• Mary Beth Laughton, president and CEO, Athleta: $7.3 million.
• Katrina O’Connell, executive vice president and chief financial officer: $5.3 million.
The pay packages were detailed in the company’s proxy filing with the Securities and Exchange Commission, which also set the firm’s annual meeting for May 10.
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