Gap CEO Sonia Syngal To Step Down; Expects Q2 Sales To Decline

(RTTNews) - Specialty apparel company Gap Inc. (GPS) announced on Monday that the current President and Chief Executive Officer Sonia Syngal would be stepping down from her position and from the company's Board. She will leave the company after a brief transition period.

The company said that Bob Martin, the current executive chairman of the Board, will serve as interim president and chief executive officer, with immediate effect. Mayo Shattuck will continue to serve as a lead independent director.

The company also announced that Horacio "Haio" Barbeito would join the Gap Inc. Leadership Team as president and chief executive officer of Old Navy. He will take over his new position from August 1.

Gap said that it is expecting net sales in the second quarter to decline in the approximately high-single digit range, which is in-line with its prior expectations. Furthermore, the company now anticipates second quarter adjusted operating margin percentage to be zero to slightly negative.