Indian American Sonia Syngal Resigns as Gap CEO After $162 Million Loss in the Last Quarter
- The apparel retailer has been struggling with dropping share prices and supply chain challenges.
Gap CEO Sonia Syngal is resigning effective immediately, the company announced on July 11. Bob Martin, the current executive chairman of the board will fill in temporarily. Mayo Shattuck will continue to serve as lead independent director. Syngal, 51, will stay on during a brief transition period before leaving the company, Gap said in a press release.
Gap shares sank as much as 3% in after-hours trading before rebounding slightly, Business Insider reported. The apparel retailer has “struggled to cope with supply-chain challenges in recent months,” the report added. “It posted a net loss of $162 million in the quarter ending on April 30, compared with a $166 million profit the year prior.”
Syngal worked at Gap since 2004, serving as CEO of the Old Navy brand before rising to the role of CEO in 2020. The India-born Syngal moved to Canada and later to America with her family when she was a child. She was one of the highest-ranking Indian American female CEO of a Fortune 500 company after Indra Nooyi stepped down as PepsiCo head in 2018.
“Leading this great company and our 100,000-strong employees since 2020, through unprecedented challenges for our industry, and society, has been an immense honor,” Syngal said in a news release. “Through it all, Gap Inc. and its dedicated teams have seized change as an opportunity, restructured for future growth, crystallized unique brand identities rooted in cultural relevance and fiercely chased transformation.”
She was one of the highest-ranking Indian American female CEO of a Fortune 500 company after Indra Nooyi stepped down as PepsiCo head in 2018.
Before she was appointed Old Navy CEO in 2016, Syngal was executive vice president of Global Supply Chain and Product Operations, responsible for managing Gap Inc.’s global supply chain and leading the product-to-market model in support of Gap Inc.’s portfolio of brands, including Gap, Old Navy, Banana Republic, Athleta and Intermix.
Since joining Gap Inc. in 2004, she served in several key leadership and general management roles including managing director for Gap’s Europe business, senior vice president for Gap Inc.’s International division + International Outlet division and several roles across the production and supply chain continuum.
Before joining Gap Inc., Syngal had a long career in Fortune 500 product companies, including 10 years at Sun Microsystems where she led manufacturing operations, logistics and supply chain management, and 6 years at Ford Motor Co. where she held roles in product design, quality and manufacturing engineering.
She is a member of the Boys & Girls Club of America’s Board of Governors and serves on the Gap Inc. Foundation Board, and is a guest lecturer at Stanford University. She lives in the Bay area, and is married to Joe McGrath. They have two children.
(Top photo, Courtesy of Gap Inc.)