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Gap’s Ditched Old Navy Spinoff Nixes Female Fortune 500 Chance

Sonia Syngal
Sonia SyngalPhotographer: Sarah Silbiger/Bloomberg

Gap Inc.’s decision to scrap its Old Navy spinoff has an interesting repercussion for the business diversity stats: one less female running a Fortune 500 company.

Had the separation gone ahead, Old Navy’s chief executive officer Sonia Syngal, 49, would have joined the small cohort of women at the helm of large publicly-traded companies. Old Navy had about $8 billion in annual revenue, a February 2019 filing shows. That put a standalone Old Navy on track for the Fortune 500, since firms with yearly sales of about $5.5 billion occupy the bottom of the current ranking.