Old Navy and Gap have been on again, off again, on again. After announcing plans to spin off Old Navy from Gap a year ago, earlier this year the companies told the street j/k, we're actually not splitting up. Now Gap has a new CEO, Old Navy chief Sonia Syngal.
With Gap since 2004, Syngal has led Old Navy since 2016 and was slated to become the CEO of the Old Navy spinoff. She is widely credited for rapid growth at Old Navy under her leadership, with the single brand accounting for nearly half of Gap Inc.'s $16.6 billion revenue in 2018. But Old Navy's growth curve went into reverse in 2019, which complicated Gap's plans to split it off on its own.
At Gap, she will replace Robert Fisher. Fisher, the company's executive chairman, has been serving as interim CEO since Gap fired Art Peck last November after he was unable to engineer a sales turnaround.
Syngal said her top priority will be "strengthening the performance of the portfolio," which has struggled under mass transformation of the retail industry. In addition to Gap and Old Navy, the company also owns Banana Republic and a collection of specialty brands, including Athleta, Janie and Jack, Intermix and Hill City.