As the retail sector struggles, and consumers move to get more value from their dollars in an inflation-afflicted economy, retailer Gap (GPS) just keeps getting hit by bad news. As we head toward the crucial back to school and holiday selling periods, the stock dropped roughly 2% in after-hours trading, as word came out that its CEO is departing.

Investors were caught off guard after Monday’s close when Gap announced the departure of CEO Sonia Syngal, after a brief transition period. She will be replaced by Bob Martin, who will assume the role of interim CEO.

Syngal took over the leadership of Gap in March of 2020 from Robert Fisher, who himself was occupying an interim position after taking over from ousted CEO Art Peck.

Coming into Gap from Old Navy, where Syngal was credited with reviving the division, she moved quickly to try and create buzz by signing Kanye West to an expensive, long-term designer deal. She also set about streamlining the company’s supply chain and closing underperforming stores.

Unfortunately Gap’s lack of style and reputation, combined with Kanye’s line never performing up to par, meant Syngal was fighting a losing battle. And then the COVID-19 pandemic took off, supply chains snarled, people began staying home instead of dressing to go out, and shopping was reduced to merely purchasing essentials. Her first-quarter results were disastrous.

In late May, Gap revealed Q1 sales at Old Navy dropped 19%, and those at Gap dropped 11% year over year.

At Old Navy the quarterly result produced an immediate removal of the brand’s CEO, Nancy Green. Gap replaced her with former CEO of Walmart Canada Horatio Barbeito.

For the year, Gap’s earnings per share vastly underperformed the estimates of $1.30, coming in at a paltry $0.30 to $0.60.

So far, Gap has not updated the full-year profit outlook. It has however warned the second quarter has proven challenging, and it expects sales to drop in the high single digit percentage range. Operating margins are said to be “zero” to slightly negative.

Under Syngal’s leadership, as the S&P 500 rose 43%, shares of Gap declined 21%.

So far there is no guidance on any potential permanent CEO pick. Shares closed down 1.57% Monday, at 8.76, before the drop in after-hour’s trading.