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Gap CEO Sonia Syngal is stepping down, effective immediately

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Sonia Syngal, president and chief executive officer of Old Navy Inc., speaks during the Fortune’s Most Powerful Women Summit in Washington, D.C., on Tuesday, Oct. 22, 2019.
Sarah Silbiger | Bloomberg | Getty Images

Gap Inc. Chief Executive Officer and President Sonia Syngal is stepping down, effective immediately, the apparel retailer announced on Monday.

She will stay for a brief transition period, while Bob Martin, the company’s current executive chairman of the board, will serve as interim president and CEO, Gap said.

Gap shares fell around 3% in after-hours trading on the news.

Syngal said in a statement that she is, “thankful to have the board’s support in stepping down, ushering in a new opportunity for fresh perspective and rejuvenated leadership to carry Gap Inc. forward.”

The retailer also named a new chief for its Old Navy business, after Nancy Green departed that post in April. Horacio “Haio” Barbeito, more recently president and CEO of Walmart Canada, is expected to take over the Old Navy business on Aug. 1.

This is breaking news. Please check back for updates.

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