Indian-Origin Sonia Syngal To Step Down as President and CEO of Gap Inc

Sonia Syngal became the CEO of Gap Inc in March 2020 and helped the company navigate through a global pandemic.

Sonia Syngal, President & CEO of Gap Inc.

(Photo Courtesy: Twitter)

Indian-origin Sonia Syngal will step down from her role as Gap Inc's president and CEO, announced the company in a press release.

In March 2020, Syngal became the CEO of Gap and led a team of more than 100,000 employees. That was the time when the retail behemoth had to shut down some stores and manage seismic shifts in the retail sector due to the COVID-19 pandemic.

Bob Martin, Gap's current executive chairman of the board, will serve in Syngal's role, with the search for a new president and CEO underway.

Martin heralded Syngal's "steadfast leadership" as being instrumental for Gap's progress and transition during the tough year of the pandemic.

"Leading this great company and our 100,000-strong employees since 2020, through unprecedented challenges for our industry and society, has been an immense honour."

Sonia Syngal, president and CEO, Gap Inc

Under Syngal's leadership, the sales of Old Navy, which is Gap Inc's largest brand, grew from $7 billion to $8 billion. She also played a crucial role in expanding the brand's presence in stores across North America. Syngal joined Gap Inc in 2004 and has served in various roles at the company such as managing director, senior vice president, and executive vice president.

"Amidst significant global disruption, social unrest and economic instability, Sonia had an immediate impact as Gap Inc. CEO, establishing a clear strategic direction and cultural identity that has united this global enterprise as a force for good with powerful brands poised to stand the test of time."

Bob Martin, executive chairman of the Gap Inc board

Who Is Sonia Syngal?

Born in India, Sonia Syngal moved to Canada in her youth. After completing her graduation in mechanical engineering from Kettering University, she completed her post-graduation in manufacturing systems engineering from Stanford University in the United States, according to a report by Business Insider India.

Prior to joining Gap, Syngal worked with Sun Microsystems for a decade and the Ford Motor Company for about six years.

Syngal is also a member of the Fashion Pact, which is committed to environmental goals such as restoring biodiversity, protecting the oceans, and putting an end to global warming.

She was also one of the highest-ranking Indian-American female CEOs of a Fortune 500 company after Indra Nooyi stepped down as the PepsiCo head in 2018.

Gap Inc's Sales and Profits

As Syngal exits the company, Gap has announced that it expects the net sales in the second quarter of FY 2022 to decline as it struggles with supply chain challenges that are being faced by other companies in the retail sector as well.

The company posted a net loss of $162 million in the quarter ending on April 30, compared to the $166 million profit in the previous year, according to a report by Business Insider.

(With inputs from Business Insider.)