As part of its management restructuring initiative, Abercrombie & Fitch Co. (ANF) named Joanne C. Crevoiserat as its new Chief Financial Officer (CFO) and Executive Vice President.
Crevoiserat, whose appointment is anticipated to take effect from May 2014, will directly report to the company’s Chief Operating Officer Jonathan Ramsden. For an interim phase, Crevoiserat will take care of inventory management and merchandise planning. These responsibilities were formerly held by the Executive Vice President of Inventory Management, Brand Senses and Merchandise Planning, Leslee Herro, who is slated to retire in Sep 2014.
Post this intermediary phase, Crevoiserat will resume her role as the CFO, and supervise the financial aspects of merchandise planning. She will also oversee the category planning function that was previously held by Herro
Crevoiserat had earlier served Kohl's Corp. (KSS) for 7 years at different senior management positions, such as the Executive President of Finance and Executive Vice President of Merchandise Planning and Allocation.
Before joining Kohl`s Inc., this retail veteran undertook several roles with Wal-Mart Stores Inc. (WMT) and May Department Stores and worked as the CFO of Foley’s, Filene`s and Famous-Barr brands.
Management believes Crevoisera’s appointment is a strategic fit, as she possesses extensive experience and knowledge of planning and finance and will contribute significantly in taking Abercrombie & Fitch forward on its growth trajectory.
Abercrombie & Fitch currently carries a Zacks Rank #3 (Hold). Another better-ranked stock in the same sector include American Apparel, Inc. (APP), which currently holds a Zacks Rank #2 (Buy).
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