Gap replaced chief executive Sonia Syngal after a little more than two years on the job, making her the latest leader who has been unable to help the casual clothing company regain its status among American shoppers.
The apparel retailer said Monday its executive chairman Bob Martin, a former Walmart executive, would serve as interim CEO effective immediately while it searches for a permanent replacement. The company also said it hired former Walmart executive Horacio Barbeito to take over as CEO of the Old Navy chain. Gap said Ms. Syngal also resigned from the company’s board.