Indian American Sonia Syngal, the chief executive of OldNavy, which is owned by Gap, is all set to take over at the parent company.
According to reports, Syngal will replace interim chief BobFisher, a member of the founding family behind Gap, who will also step down aschairman of the company¡¯s board.
With the new post as the CEO, Syngal has set a precedent inthe white-male dominated corporate world.?She is now the highest-ranked Indian American female CEO of a Fortune500 company after Indira Nooyi stepped down as the PepsiCo head in 2018.
Robert Fisher,the son of Gap¡¯s founder who has served as interim CEO while the companylooked for a permanent replacement, said that Syngal will ¡°deliver value fromour portfolio of brands over the long term."
?The company also named Bobby Martin, a Gap board member and former CEO of WalmartInc.¡¯s international business, to take over as executive chairman.
The India-born Syngal, moved to Canada and later to the US when shewas a child. She has worked in several Fortune 500 companies, including 10 years at Sun Microsystems and sixyears at Ford Motor Co. before she joined Gap Inc. in 2004, reports TOI. For the uninitiated, GAP ownedbrands include Old Navy, Banana Republic, Athleta and Hill City.
¡°It¡¯s an honour to build on this company¡¯s rich heritage andlead our nearly 130,000 employees in transforming our business and operationsto successfully compete in the future,¡± The Indian Express quoted Syngal as saying.?
¡°I¡¯m committed to fully realising the potential of ourportfolio and the advantage of our scale, with a focus on strengthening thelove that our millions of customers have for our brands. To do that, we mustbetter prioritise initiatives and capabilities that will improve execution anddrive value creation,¡± she added.