Abercrombie hires Kohl's exec as new CFO

Abercrombie & Fitch (NYSE: ANF) has appointed Joanne Crevoiserat as exec-VP and CFO of the company. She will assume the role in May 2014.

Crevoiserat has most recently served in a number of senior management roles at Kohl's, including exec-VP of finance and prior to that, as exec-VP of merchandise planning and allocation. Prior to Kohl's, she held senior finance positions with Walmart and May Department Stores, including serving as CFO of the Filene's, Foley's and Famous-Barr brands.

During a transitional period, Crevoiserat will assume the merchandise planning and inventory management responsibilities currently held by Leslee Herro, exec-VP of merchandise planning, inventory management and brand senses, who will retire in September 2014. Beyond the transitional period, Crevoiserat will retain financial oversight of merchandise planning as part of her ongoing CFO responsibilities.

A&F has been under pressure in recent months to restructure its management team and set a new direction for the struggling teen retail chain. In December, investment firm Engaged Capital sent a letter to the company's board, urging Abercrombie to start looking for a replacement for CEO Michael Jeffries. One week later, the company renewed Jeffries' contract, only to strip him of his chairman title in January in response to shareholder concerns.

Arthur Martinez, previously CEO of Sears, Roebuck & Co. replaced Jeffries as non-executive chairman. In recent years, Jeffries' controversial comments have been a pain point for the company and hurt the brand's reputation among consumers.

For more:
-See this Abercrombie & Fitch press release

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