Gap Appoints a President for Its Old Navy Brand

   By Maria Armental 
 

Gap Inc. named longtime executive Sonia Syngal as president of Old Navy as the retailer seeks to rekindle sales at the slumping brand.

Ms. Syngal succeeds Stefan Larsson, who left last year for Ralph Lauren. Her base salary was set at $875,000.

Ms. Syngal, who most recently served as executive vice president of global supply chain and product operations, previously headed Old Navy's international division along with Gap's and Banana Republic's European operations.

Old Navy represented 42% of Gap's overall total sales last year and was the only Gap store brand to report a year-over-year sales increase. However, Old Navy's momentum has slowed as the brand's sales growth of 1% last year was a decline from the 6% increase reported the previous year.

Mr. Larsson had been credited with turning around Old Navy's fortunes by adopting a sales model popularized by fast-fashion chains that allows retailers to quickly adapt to sales trends.

Gap also said Wednesday that Jill Stanton, who had led the Old Navy brand on a temporary basis since September, would stay on as a strategic adviser during an unspecified transitional period.

In addition, the retailer also appointed Michael Yee as executive vice president for global supply chain, sourcing and production, and Shawn Curran as executive vice president for global supply chain logistics and production operations. No additional information was given.

Earlier this month, the San Francisco-based retailer warned that high inventories would pressure first-quarter results. Gap has reported four consecutive quarters of falling sales and ended its most recent fiscal year with its first annual sales decline since fiscal year 2011.

The company's stock closed Wednesday at $23.93, down 42% over the past 12 months.

Write to Maria Armental at [e-mail]

(END) Dow Jones Newswires

April 13, 2016 18:40 ET (22:40 GMT)

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