Gap CEO Sonia Syngal is stepping down, effective immediately, the company announced on Monday, as the apparel retailer battles supply chain challenges and slumping sales.
Syngal will stay at the company during a brief transition period, and Bob Martin, the company’s current executive chairman of the board, will serve as interim president and CEO, Gap said.
Shares in the company fell more than 4% in extended trading on the news.
Syngal said in a statement that she is “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.”
