Gap shares slide on CEO’s unexpected resignation

Gap’s stock slid by 6.3% after CEO Sonia Syngal, who has been in her job for a couple of years, resigned. The former CEO will be replaced by executive chairman and former Walmart executive Bob Martin. The price of Gap stock traded at $8.4 per share following the resignation that was unexpected.

The top reason for Syngal’s departure was the company’s dropping sales amid supply chain difficulties as retailers are struggling to handle millions of dollars in inventory accumulated in the past few quarters in response to shipping delays and shortages.