Gap CEO Sonia Syngal steps down; Bob Martin interim CEO; Q2 margin guidance turns negative

GAP INC

Sonia Syngal resigns as CEO and Board director effective July 11, 2022; Bob Martin named interim CEO.
Horacio Barbeito appointed Old Navy President & CEO effective Aug 1, 2022; previously CEO of Walmart Canada.
Q2 FY2022 net sales expected to decline high-single digit %; adjusted operating margin now zero to slightly negative.
Company anticipates $50M transitory air freight expense and increased promotional activity pressuring gross margin.
Q2 FY2022 final results to be reported on August 25, 2022.

item 5.02 item 7.01 item 9.01

Executive movements

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Appointed (interim)

Bob Martin

Interim Chief Executive Officer

GAP · GAP INC

Effective: 2022-07-11
Filed: July 11, 2022, 7:59 PM ET

Executive Chairman Bob Martin will serve as Interim Chief Executive Officer and Mayo Shattuck will continue to serve as lead independent director of the Company’s Board of Directors.

Departed (interim)

Sonia Syngal

President and Chief Executive Officer

GAP · GAP INC

Effective: 2022-07-11
Successor: Bob Martin
Filed: July 11, 2022, 7:59 PM ET

On July 11, 2022, The Gap, Inc. (the "Company") issued a press release (the “Press Release”) announcing that Sonia Syngal is stepping down from her position as President and Chief Executive Officer of the Company, and has resigned from the Company’s Board of Directors, both effective immediately.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 1.0

Bob Martin was appointed as Interim Chief Executive Officer at GAP INC.

Action: appointed
Role: Interim Chief Executive Officer

Exact text from the filing

Executive Chairman Bob Martin will serve as Interim Chief Executive Officer and Mayo Shattuck will continue to serve as lead independent director of the Company’s Board of Directors.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Sonia Syngal departed as President and Chief Executive Officer at GAP INC.

Action: stepping down
Role: President and Chief Executive Officer

Exact text from the filing

On July 11, 2022, The Gap, Inc. (the "Company") issued a press release (the “Press Release”) announcing that Sonia Syngal is stepping down from her position as President and Chief Executive Officer of the Company, and has resigned from the Company’s Board of Directors, both effective immediately.

View on SEC.gov

GAP INC filing history →

Source: SEC EDGAR

accession 0000039911-22-000056

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