Sonia Syngal, president and chief executive officer of Old Navy Inc., speaks during the Fortune’s Most Powerful Women Summit in Washington, D.C., on Tuesday, Oct. 22, 2019.
Sarah Silbiger | Bloomberg | Getty Images
Gap Inc. has tapped its Old Navy chief Sonia Syngal to be CEO, effective March 23, the company announced Thursday afternoon.
Its shares climbed more than 1% in after-hours trading on the news.
“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 said in a statement. “To do that, we must better prioritize initiatives and capabilities that will improve execution and drive value creation.”
Syngal has been leading Old Navy’s business since 2016. She has been with Gap Inc. since 2004. She will also now be joining Gap’s board of directors later this month, the company said.
Gap also announced Thursday that current board member Bobby Martin become executive chairman, also effective March 23.
Gap shares closed Thursday down more than 6%, amid a broader selloff. The company has a market cap of about $4.99 billion. Its stock has fallen a little more than 50% over the past 12 months.
Gap is set to report fourth-quarter and full-year earnings on March 12.
This is developing news. Please check back for updates.