Gap Inc CEO Sonia Syngal to step down

Current Executive Chairman Bob Martin will serve as interim CEO, effective immediately, the apparel maker said.

“Leading this great company and our 100,000-strong employees since 2020, through unprecedented challenges for our industry, and society, has been an immense honor,” Syngal said in a news release. “Through it all, Gap Inc. and its dedicated teams have seized change as an opportunity, restructured for future growth, crystallized unique brand identities rooted in cultural relevance and fiercely chased transformation.”

Gap also forecast second-quarter revenue would decline in the high-single-digit range. Its shares fell about 3% to $8.50 in extended trading.

It expects adjusted operating margin percentage to be zero to slightly negative.