Sonia Syngal, president and chief government officer of Old Navy Inc., speaks during the Fortune’s Most Highly effective Females Summit in Washington, D.C., on Tuesday, Oct. 22, 2019.

Sarah Silbiger | Bloomberg | Getty Illustrations or photos

Gap Inc. has tapped its Outdated Navy chief Sonia Syngal to be CEO, helpful March 23, the organization announced Thursday afternoon.

Its shares climbed extra than 1% in right after-hours buying and selling on the information.

“I am dedicated to thoroughly acknowledging the potential of our portfolio and the gain of our scale, with a concentrate on strengthening the really like that our millions of customers have for our brands,” Syngal stated in a assertion. “To do that, we need to greater prioritize initiatives and capabilities that will boost execution and travel worth development.”

Syngal has been primary Aged Navy’s organization given that 2016. She has been with Hole Inc. considering that 2004. She will also now be becoming a member of Gap’s board of administrators later this month, the organization said.

Hole also announced Thursday that existing board member Bobby Martin become govt chairman, also powerful March 23.

Gap shares shut Thursday down additional than 6%, amid a broader selloff. The corporation has a current market cap of about $4.99 billion. Its stock has fallen a tiny extra than 50% in excess of the past 12 months.

Hole is established to report fourth-quarter and comprehensive-yr earnings on March 12.

This is establishing information. Remember to look at back again for updates.

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