Omnichannel

Old Navy CEO leaves leadership role

Photo by istock.com

April 28, 2022

Nancy Green, Old Navy's CEO and president, left her role last week and Gap Inc. CEO Sonia Syngal will lead the brand while an external search is conducted to find a new leader.

"We believe in the power and potential of the Old Navy brand and the contribution it will have as we execute our Power Plan strategy and drive value creation at Gap Inc.," Syngal said in a press release announcing the executive change.

"As we look to seize Old Navy's potential, particularly amidst the macro-economic dynamics facing our industry, we believe now is the right time to bring in a new leader with the operational rigor and creative vision to execute on the brand's unique value proposition. I want to thank Nancy Green for her decades of leadership and passion for our brands and customers, as well as the communities we serve."

The Old Navy brand is updating first quarter fiscal 2022 net sales change guidance to low to mid teens year-over-year declines. The prior guidance was mid- to high-single digit year-over-year declines, stated the release.

Gap is the largest American specialty apparel company and operates the Old Navy, Gap, Banana Republic, and Athleta brands. Fiscal year 2021 net sales were $16.7 billion.