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Gap CEO Syngal Fired After Failing to Rescue Struggling Retailer

  • Top executive at company’s Old Navy chain left this year
  • Gap warns on margin, names chairman to be interim CEO
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Gap Fires CEO Sonia Syngal
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Gap Inc. fell on Tuesday as rising costs and discounts thwarted Sonia Syngal’s turnaround after 2 1/2 years as chief executive officer of the clothing retailer.  

Chairman Bob Martin is taking over immediately as interim CEO, according to a statement late Monday, and the apparel retailer lowered its expectation for second-quarter operating margin percentage to zero to slightly negative. The shares, which fell as much as 8.7% in New York trading, have lost more than half their value so far this year.