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Old Navy taps Gap executive as president

Gap's Old Navy brand is ready for the next chapter.

Some six months after the exit of Stefan Larsson, who had largely been credited with the label's turnaround, Gap said Wednesday that Sonia Syngal, an executive vice president in charge of the company's supply chain, will take over as global president.

The appointment is effective immediately.

Sonia Syngal
Source: The GAP
Sonia Syngal

This is not the first time Syngal, a 12-year Gap veteran, has worked under the Old Navy umbrella. She previously served as president of the brand's international division until 2013.

"Following a comprehensive search, I'm confident Sonia is the right leader to enable Old Navy to realize its substantial, long-term growth potential," CEO Art Peck said.

Old Navy has been a standout in Gap's otherwise struggling portfolio, as sales continue to tumble at its namesake and Banana Republic brands. Much of its success has come from its advanced supply chain operations, and its ability to read into trends and quickly restock popular items.

But recently, even Old Navy's results have faltered.

In March, the brand posted a 6 percent comparable sales decline. Though it was up against a tough 14 percent gain from the prior-year period, that wasn't the first sign of weakness.

During the fourth quarter, the brand's comparable sales dropped 8 percent.

Syngal will report to Peck. Jill Stanton, who headed up Old Navy on an interim basis, will continue on as an adviser during the transition.