• CNBC, Tuesday, July 12, 2022 5:40 AM

Gap CEO and President Sonia Syngal is stepping down, effective immediately, per a company announcement. Bob Martin, the company’s current executive chairman of the board, will serve as interim president and CEO. "In tandem with the C-suite shake-up, Gap updated its fiscal second-quarter guidance, saying it still expects sales to decline in the 'approximately high single-digit range,'" per CNBC. "But Gap added that higher promotional activity had a negative impact on its gross margin; it now forecasts its adjusted operating margin percentage in the second quarter at zero to slightly negative."

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