Gap Taps This Company’s Chief for its New CEO

Gap Inc. is tapping Old Navy’s Chief Sonia Syngal to be its new CEO effective March 23rd. Syngal had led Old Navy since 2016 and has been with Gap Inc. since 2004.

“I’m committed to fully realizing the potential of our portfolio and the advantage of our scale, with a focus on strengthening the love that our millions of customers have for our brands,” Syngal stated. “To do that, we must better prioritize initiatives and capabilities that will improve execution and drive value creation.”

It was in January that Gapboosted its full-year expectations slightly “as a result of better than anticipated promotional levels over the holiday period.”

Gap expects total same-store sales and net sales in fiscal 2019 to be down mid-single digits and down low-single digits, respectively. It said earlier this year that it expects adjusted earnings per share in fiscal 2019 to be “moderately above” a range of $1.70 to $1.75. Analysts were expecting annual adjusted earnings per share of $1.80,
based on Refinitiv data.

Gap is set to report fourth-quarter and full-year earnings on March 12th.

Gap also revealed that current board member Bobby Martin become executive chairman, also effective March 23, and that it has added former Bloomin’ Brands CEO Elizabeth Smith and former Regal Entertainment Group CEO Amy Miles to its board.

Disclaimer: We have no position in Gap Inc. (NYSE: GPS) and have not been compensated for this article.