March 5 (Reuters) - Apparel retailer Gap Inc on Thursday named long-time executive Sonia Syngal as its new chief executive officer, nearly four months after the surprise exit of its then chief Art Peck.

Syngal will take over effective March 23 replacing interim CEO Robert Fisher, a member of the founding family behind Gap.

The company's shares were down more than 1% in extended trading. (Reporting by Neha Malara in Bengaluru; Editing by Shounak Dasgupta)