Gap CEO Sonia Syngal is stepping down, effective immediately

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

Gap Inc.'s Chief Executive Officer and President is stepping down.

Bob Martin, the company's current executive chairman, will serve as interim president and CEO while she stays.

The news caused Gap shares to fall in after-hours trading.

Syngal said in a statement that she is grateful to have the board's support in stepping down, which will allow for fresh perspective and rejuvenated leadership to carry the company forward.

Nancy Green left her position as chief of Old Navy in April. The Old Navy business is expected to be taken over by the president and CEO of Walmart Canada.

Gap said it expects sales to decline in the second quarter due to the C-suite shakeup. The company believes that promotional activity will have a negative impact on gross margin.

The adjusted operating margin is expected to be negative in the second quarter.

The results for that period will be reported on Thursday.

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