By John Kell
Abercrombie & Fitch Co. has appointed Chief Financial
Officer Jonathan E. Ramsden to also serve as chief operating
officer, a new role at the teen retailer as it faces pressure to
turn around a weak sales performance.
The new role for Mr. Ramsden, who will stay as CFO until a
successor is appointed, was announced two days after Abercrombie
stripped Chief Executive Michael Jeffries of his title of chairman
and named three new members to its board.
The executive changes have come as Abercrombie, known for its
expensive logo-adorned gear, has faced pressure from fast fashion
chains like Forever 21 and H&M. Mr. Jeffries has sparked
controversy with comments about hiring attractive sales staff and
gearing products toward thinner shoppers.
Mr. Ramsden, 49 years old, will work closely with Mr. Jeffries,
as well as the company's new brand presidents, Abercrombie said.
Mr. Ramsden has served as Abercrombie's CFO since late 2008. He
previously worked at advertising giant Omnicom Group Inc.
"Jonathan's responsibilities have progressively expanded well
beyond the CFO role, and this new position will enable Jonathan to
work closely with me in managing the overall execution of our
long-range strategic plans," Mr. Jeffries said.
Abercrombie's move to create a COO post differs from the trend
seen at other companies that have eliminated the position in recent
years. PetSmart Inc., for example, recently said the role wouldn't
be filled after the retirement of its COO. In most cases, chief
executives have looked to take greater control of day-to-day
operations or delegate control to division heads, squeezing out the
need for a COO or president.
Abercrombie's shares rose 0.5% to $36.13 in after-hours trading
on Thursday.
Write to John Kell at john.kell@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires