Gap Inc CEO Sonia Singal steps down

According to the clothing manufacturer, current executive chairman Bob Martin will serve as acting CEO with immediate effect.

“To lead this great company and our 100,000 employees from 2020 despite unprecedented challenges to our industry and society has been a tremendous honor.” singhal said in the news release. “Going through all this, Gap Inc. and its dedicated teams seized change as an opportunity, restructured for future growth, crystallized a unique brand identity based on cultural relevance, and fiercely pursued transformation.”

Gap also forecasts second-quarter revenue to decline in the high single-digit range. Its shares fell about 3% to $8.50 in extended trading.

Adjusted operating margin percentage is expected to be between zero and slightly negative.

– Rob McLean of CNN Business contributed to this report.

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