Gap CEO Sonia Syngal Steps Down; Company Anticipates Dim Q2 Outlook

Gap Inc GPS said its president and CEO Sonia Syngal stepped down from her position and the company's Board, effective immediately.
The company disclosed in a regulatory filing that Syngal will be eligible for separation benefits based on her termination without cause.
Bob Martin, the company's current executive chairman of the Board, will serve as Gap's president and CEO on an interim basis, effective immediately.
Martin has served on the Gap Board since 2002, as lead independent director from 2003 to 2015, and as executive chairman since 2020.
The company has also appointed Horacio Barbeito as president and CEO of Old Navy.
Outlook: Gap expects Q2 FY22 sales to decline in the high-single-digit range. The company said it continues to navigate margin headwinds.
Gap anticipates Q2 adjusted operating margin percentage to be zero to slightly negative.
Price Action: GPS shares are trading lower by 5.82% at $8.25 in premarket trade on Tuesday.
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