Gap CEO Sonia Syngal is stepping down, effective immediately

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Sonia Syngal, president and chief executive officer of Old Navy Inc., speaks during the Fortune’s Most Powerful Women Summit in Washington, D.C., on Tuesday, Oct. 22, 2019.
Sarah Silbiger | Bloomberg | Getty Images

Gap Inc. Chief Executive Officer and President Sonia Syngal is stepping down, effective immediately, the apparel retailer announced on Monday.

She will stay for a brief transition period, while Bob Martin, the company’s current executive chairman of the board, will serve as interim president and CEO, Gap said.

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Gap shares fell around 2% in after-hours trading on the news.

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