San Francisco – Having spent months searching, Gap finally found its new leader at the end of March when Sonia Syngal took the reins as CEO..
Syngal previously worked at Old Navy, another brand owned by Gap Inc, but left in 2016 to become CEO of Ann Taylor, a role in which she oversaw the latter’s acquisition by Ascena Retail Group..
It’s without a doubt that Gap needs to make a change, having reported disappointing financial results and falling sales in recent years..
Gap’s fourth quarter results showed a 7% decline in net sales to $4.35 billion, with comparable sales down 6%. Annual net sales fell by 1% to $16.6 billion..
In an effort to turn things around, Syngal said during an earnings call that the company needs to .
