Gap fired Chief Executive Officer Sonia Syngal after 2 1/2 years, with rising costs and deepening discounts threatening to wipe out this quarter’s operating profit.
Sonia Syngal Photographer: Slaven Vlasic/Getty Images , Photographer: Slaven Vlasic/Getty Images
Gap shares sank as much as 4.1 per cent in late trading before paring the decline. The shares are down 50 per cent this year, compared with a 30 per cent drop for the S&P 500 Retailing Index. After taking over in March 2020, Syngal immediately had to navigate mandatory store shutdowns and the sudden shifts in demand caused by Covid-19. She oversaw the expedited implementation of curbside pickup and the expansion of e-commerce operations -- moves that investors applauded.
Gap, which also operates Athleta in addition to its namesake brand, expects US$50 million of air-freight charges and other costs that will offset operating profit in the fiscal second quarter.
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