Gap Inc. has announced that Old Navy president and CEO Nancy Green is exiting the business this week.
Commenting on the development, Gap Inc. CEO Sonia Syngal said in a release: “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 rigour 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 company said that while an external search is underway, Sonia Syngal will work closely with the Old Navy team until a new brand president is identified.
In light of the macro-economic dynamics as well as the execution challenges at the Old Navy brand, the company is also updating its first quarter fiscal 2022 net sales growth guidance to approximately low to mid-teens year-over-year declines from its prior guidance of mid to high single digit year-over-year declines.
The company added that it will be providing updated fiscal 2022 guidance when it reports first quarter results on May 26, 2022.