Gap Taps Old Navy Boss as Its New CEO

When Gap Inc. (NYSE: GPS) canceled its plans to spin off its Old Navy brand into a separate company, it also kept that retailer's CEO, Sonia Syngal, from the chance at the top leadership spot at a stand-alone company. Now, she's getting that chance as she has been tapped by Gap's board of directors to take over as the company's new CEO.

Gap has been struggling while Old Navy has thrived. Image source: Gap.

As the new CEO of the company, Syngal must figure out how to revitalize its core brand. That's a major challenge since Gap has struggled and many of its locations are in malls, which are also struggling. She also takes over at a time when clothing retailers in general may face negative headwinds due to coronavirus.

Source Fool.com