Highlights

  • Chairman Bob Martin is taking over immediately as CEO
  • GAP stock has been battered as inventory swelled
  • Syngal was head of Old Navy, which generates more than half of the company’s revenue before stepping in as CEO

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GAP fires Indo-Canadian CEO Sonia Syngal, here is why

GAP replaced chief executive Sonia Syngal after a little more than two years on the job

America apparel giant GAP has fired CEO Sonia Syngal as the Indo-Candaian businesswoman failed to arrest the decline the casual clothing company is facing. Gap shares have halved in value over the last one year with rising cost and lowered demand.

Spnia Syngal is facing flak just two years into the job when in fact in 2020 she had stepped in to replace a CEO who abruptly departed amid operational problems. Sonia Syngal was head of Old Navy, which generates more than half of the company’s revenue before taking on the CEO post.

The apparel retailer said its executive chairman Bob Martin, a former Walmart Inc executive, would serve as interim CEO effective immediately while it searches for a permanent replacement.

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