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Gap finds new CEO within its own ranks

Source | | Kevin Truong

Gap Inc. has chosen Sonia Syngal, the head of its Old Navy business, as CEO, effective March 23.

The move, announced Thursday after the markets closed, comes two months after the San Francisco company nixed its plans to split Old Navy into a separate publicly traded company. Gap stock (NYSE: GAP) was down about 1% in after-hours trading.

With Gap since 2004, Syngal has led Old Navy since 2016 and was slated to become the CEO of the Old Navy spinoff. She is widely credited for rapid growth at Old Navy under her leadership, with the single brand accounting for nearly half of Gap Inc.’s $16.6 billion revenue in 2018. But Old Navy’s growth curve went into reverse in 2019, which complicated Gap’s plans to split it off on its own.

Syngal was named one of the Most Influential Women in Bay Area Business by the Business Times in 2018.

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