Gap back at square one as it looks to replace fired CEO
BNN Bloomberg
When Sonia Syngal took over as chief executive officer at Gap in early 2020, she inherited a business with lagging sales and poor inventory management. Just over 2 1/2 years later, she leaves the company in a similar state.
The owner of Old Navy, Athleta and Banana Republic now must find a leader who can refresh the company across its brands and revive sales while competing with fast-fashion rivals that have reshaped the apparel landscape. That’ll be no easy feat amid the highest US inflation in decades and a pandemic that can change buying patterns on a dime. Add in shares that are down more than 70 per cent in the last 12 months, and it’s clear the new CEO will be entering a uniquely pressure-packed situation.
“Anyone who accepts that role will have to understand that there are a lot of challenges and it’s not going to be an easy turnaround,” said GlobalData’s Neil Saunders.
