Gap Inc Thursday announced its long-time executive Sonia Syngal as the apparel retailer’s new Chief Executive Officer(CEO). She will replace interim chief Bob Fisher, a member of the founding family behind Gap, who will also step down as chairman of the company’s board.
Syngal, who was heading Gap’s Old Navy unit, expanded its North American presence to more than 1,200 stores in the US, Canada, and Mexico in three years. The eCommerce site ranked as fourth largest apparel site in the US during her tenure. “To lead the company into its next chapter, we sought a dynamic leader who could bring a deep respect for our customers and make the decisions necessary to deliver value from our portfolio of brands over the long term,” said Fisher in a press release.
Syngal will receive an annual base salary of $1.3 million and will take over effective March 23.
“It’s an honor to build on this company’s rich heritage and lead our nearly 130,000 employees in transforming our business and operations to successfully compete in the future,” said Syngal, who has been serving the company 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. To do that, we must better prioritize initiatives and capabilities that will improve execution and drive value creation,” she added.
Syngal’s top priority will be strengthening the performance of the portfolio.
Gap also said existing board members, Bobby Martin, will take on the role of executive chairman and that Elizabeth Smith and Amy Miles will join the company’s board from April. The apparel retailer’s shares were down nearly 1.5% in extended trading.