Gap Inc. has announced that its CEO and president Sonia Syngal is stepping down from her role after two years on the job, effective immediately.
The move, announced Monday, comes as the San Francisco-based clothing company, which operates stores under its namesake, Old Navy, Banana Republic and Athleta, struggles with slumping sales and supply chain challenges.
"While a search is underway, the board has complete confidence in the formidable leadership team to guide the company through this transition," said Martin in a statement. The company said it expects net sales in the fiscal second quarter to decline roughly in the high-single digit range, relatively in line with its prior expectations. The company is expected to report final second-quarter financial results on Aug. 25.
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