Gap has replaced CEO Sonia Singhal after just over two years on the job, making her the latest leader to fail to help the casual wear company regain its status among American shoppers.
The apparel retailer said Monday that its executive chairman, Bob Martin, a former Walmart executive, will serve as interim CEO, effective immediately, while it searches for a permanent replacement. The company also said it has hired former Walmart executive Horacio Barbeyto to take over as CEO of the Old Navy chain. Gap said Ms Singhal had also resigned from the company’s board.
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