Gap Inc.’s stock continued to slide Tuesday, a day after the sudden departure of the retailer’s president and chief executive officer Sonia Syngal.
Wells Fargo cut its rating on Gap to equal weight from “overweight” citing expectations that “the string
Wells Fargo analyst Ike Boruchow noted Gap “has now negatively pre-announced/missed the past two quarters.” In another report, Simeon Siegel, managing director and senior analyst at BMO Capital Markets Bottom Line, stated, “Low numbers are going lower as Gap Inc. continues to try to work through inventory in an environment that is turning increasingly deflationary.”
Syngal will be succeeded on an interim basis by Bob Martin, executive chairman of the board, until the company can find a permanent replacement. The company also said that former Walmart Inc. executive Horacio “Haio” Barbeito will become president and CEO of Old Navy, the value and family-oriented chain, and Gap’s biggest division. Barbeito will join Old Navy on Aug. 1, succeeding Nancy Green, who left in late April.
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