Gap chief executive Sonia Syngal exits as margin squeeze deepens

Gap Inc said on Monday that Chief Executive Sonia Syngal will step down just over two years into the role, as the apparel seller wrestles with weak demand for its casual attire and a slump in its stock price.

It also warned that margins would stay under pressure in the second quarter as costs spiral, sending shares of the company down about 4% after hours.

Executive Chairman Bob Martin will step in as interim CEO, while ex-Walmart Canada top boss Horacio Barbeito has been tapped to lead Old Navy through tough times for the company's biggest brand.

"I think it's a necessary change