Fashion retailer Gap Inc. announced Monday (July 11) that President and CEO Sonia Syngal will be stepping down from her position and her seat on the the company’s board.
Syngal has led the company since 2020, and called it an “immense honor” in the press 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,” Syngal said.
“With an exceptional and industry-leading CEO for Old Navy now appointed, I am thankful to have the board’s support in stepping down, ushering in a new opportunity for fresh perspective and rejuvenated leadership to carry Gap Inc. forward,” she continued.
Bob Martin, the current executive chairman of the board, will become the new interim president and CEO, and Mayo Shattuck will continue in his role as lead independent director.
According to the release, Martin is a 40-year industry veteran and has retail experience with big names like Dillard’s and Walmart.
In addition, Horacio “Haio” Barbeito will now be a part of Gap’s team as the president and CEO of Old Navy. Barbeito was formerly the president and CEO of Walmart Canada and had a 26-year career with the retailer, per the release.
Martin said Barbeito is a “true multi-disciplined retail leader who shares our vision of bringing the democracy of style and service to millions of Old Navy customers, leveraging our greatest assets — our people and our product.”
PYMNTS wrote recently that Reliance Retail Limited, an Indian retail titan, is bringing Gap to that country using a long-term franchise agreement.
Read more: Gap Coming to India Through Reliance Retail Partnership
Reliance will become the official retailer for the company in India, and plans to use a mix of exclusive brand stores, multi-brand store expressions and digital commerce platforms to add Gap products to the country.
Reliance’s goal is to use Gap’s position as a leading casual lifestyle brand to add more customers.
“Gap continues to build on its heritage grounded in denim and connect with customers online and in company-operated and franchise retail locations globally,” Reliance said in a press release. “With a strong vision of doing more than selling clothes, Gap shapes culture, championing a uniquely radical and optimistic sense of American style by bridging the gap between individuals, generations and cultures.”
For all PYMNTS retail coverage, subscribe to the daily Retail Newsletter.
