Gap’s Indian American CEO Sonia Syngal Steps Down
India-West News Desk
SAN FRANCISCO, CA – Gap Inc. has announced that President and Chief Executive Officer Sonia Syngal will step down from her position and from the company’s Board, departing the company following a brief transition.
Effective immediately, Bob Martin, the company’s current Executive Chairman of the Board, will operate in her place in an interim basis. Mayo Shattuck will continue to serve as the lead independent director.
Syngal said in a statement that she is “thankful to have the board’s support in stepping down, ushering in a new opportunity for a fresh perspective and rejuvenated leadership to carry Gap Inc. forward.”
She was previously the leader of Gap’s Old Navy business before she took over as CEO in March 2020, just days before Covid-19 started spreading across the U.S. She has been with the retailer since 2004.
Bob Martin is a 40-year industry veteran with extensive retail experience at corporations including Dillard’s Inc. and Walmart where he served as CEO of its International division.
The company continues to navigate margin headwinds and as previously communicated, still expects to incur an estimated $50 million of transitory incremental air freight expense in the quarter as well as inflationary costs on raw materials and freight.
Syngal was born in India, before her family moved to Canada. She later moved to the US where she got her bachelor’s degree in Mechanical Engineering from Kettering University and her Master’s in Manufacturing Systems Engineering from Stanford University in 1995.
The CEO didn’t step down voluntarily. She was fired for not managing well.July 12, 2022