Gap CEO steps down amid falling sales

• Gap CEO Sonia Syngal is resigning from the retailer, effective immediately.
• The company's executive chairman of the board will fill in temporarily.

Sonia Syngal, the president and CEO of Gap, is resigning from her position, the company announced on Monday.

The company's executive chairman of the board, Bob Martin, will serve as interim CEO, effective immediately. Syngal will stay on during a brief transition period before leaving the company, Gap said.

Shares of the apparel retailer sank as much as 3% in after-hours trading before rebounding slightly.

Gap has struggled to cope with supply-chain challenges in recent months. It posted a net loss of $162 million in the quarter ending on April 30, compared with a $166 million profit the year prior.

Syngal worked at Gap since 2004, serving as CEO of the Old Navy brand before rising to the role of CEO in 2020.