Sonia Syngal’s rise from head of the Old Navy division to chief executive officer of Gap Inc. was a lucrative one.
The CEO’s total compensation rose to $21.9 million last year, from $4.8 million the year before, when she led Old Navy.
Most of her pay came from stock awards and options valued at a combined $18.7 million, although her final take from that compensation will depend on changes in the value of the company’s shares.
The CEO also received a salary of $1.2 million, incentive pay of $1.8 million and $168,054 in other compensation, including $94,679 in personal use of the company airplane.
Syngal stepped into the Gap corner office at a pivotal time, shortly after Art Peck was ousted as CEO and the plan to spin off Old Navy was scrapped and just before the coronavirus reset the retail landscape.
“Every crisis is an opportunity, and this one met Gap at a crucial pivot point,” she told analysts this month. “We use this opportunity to lead with our competitive advantages. While embracing the values this company was founded on to emerge in a place of strength and with a clear path forward.”
She said the company grew its known customer file by 14 percent last year to more than 183 million while also making it easier to shop with buy online, pick up in store options, curbside pickup and new payment methods.
The company, which will start selling Kayne West’s Yeezy line at its namesake stores in the second quarter, revealed the pay details of top executives in a filing with the Securities and Exchange Commission.
The filing detailed pay packages for Mark Breitbard president and CEO of Banana Republic ($12.1 million); executive vice president, chief legal, compliance and sustainability officer Julie Gruber ($6.4 million); Old Navy president and CEO Nancy Green ($6.2 million), and executive vice president and chief financial officer Katrina O’Connell ($6.1 million).
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