Gap Taps Syngal to Be Old Navy's President
April 13 2016 - 7:16PM
Dow Jones News
By Maria Armental
Gap Inc. named longtime executive Sonia Syngal as president of
Old Navy as the retailer seeks to rekindle sales at the slumping
brand.
Ms. Syngal succeeds Stefan Larsson, who left last year for Ralph
Lauren. Her base salary was set at $875,000.
Ms. Syngal, who most recently served as executive vice president
of global supply chain and product operations, previously headed
Old Navy's international division along with Gap's and Banana
Republic's European operations.
Old Navy represented 42% of Gap's overall total sales last year
and was the only Gap store brand to report a year-over-year sales
increase. However, Old Navy's momentum has slowed as the brand's
sales growth of 1% last year was a decline from the 6% increase
reported the previous year.
Mr. Larsson had been credited with turning around Old Navy's
fortunes by adopting a sales model popularized by fast-fashion
chains that allows retailers to quickly adapt to sales trends.
Gap also said Wednesday that Jill Stanton, who had led the Old
Navy brand on a temporary basis since September, would stay on as a
strategic adviser during an unspecified transitional period.
In addition, the retailer also appointed Michael Yee as
executive vice president for global supply chain, sourcing and
production, and Shawn Curran as executive vice president for global
supply chain logistics and production operations. No additional
information was given.
Earlier this month, the San Francisco-based retailer warned that
high inventories would pressure first-quarter results. Gap has
reported four consecutive quarters of falling sales and ended its
most recent fiscal year with its first annual sales decline since
fiscal year 2011.
The company's stock closed Wednesday at $23.93, down 42% over
the past 12 months.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
April 13, 2016 19:01 ET (23:01 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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