Abercrombie & Fitch eliminates COO role
today May 14, 2019
Abercrombie & Fitch Co. is streamlining its leadership structure by eliminating the role of chief operating officer, as part of its ongoing ‘transforming while growing’ phase.
The New Albany, Ohio-based lifestyle retailer said on Tuesday that the company’s current COO, Joanne C. Crevoiserat, will leave the company following a short transition period. She first joined Abercrombie as CFO in 2014 and was appointed COO in 2017.
Under the newly streamlined organization, the company’s chief financial officer, chief information officer, head of global supply chain, and head of the transformation management office will now report to the CEO.
“Based on the progress of our company-wide transformation initiatives, and the continuing focus on driving additional agility and efficiency throughout the business, we have decided to eliminate the COO role,” explained CEO Fran Horowitz in a news statement.
“Joanne has been a key partner in our transformation journey over these past five years, helping stabilize the business and embed transformation across the organization. I am grateful for her many contributions across the company, which will have a lasting, positive impact, and we wish her every success in the next chapter of her career.”
The company, known for its American style and offering under its banners Abercrombie as well as Hollister, ended 2018 on a strong note with full-year net sales totaling $3.6 billion, up 3 percent compared to the $3.5 billion reported in the previous year.
For 2019, the company predicts full-year net sales will increase between 2 and 4 percent, and comparable sales will be up low single digits.
The company currently operates more than 850 stores under its different banners in North America, Europe, Asia and the Middle East, as well as brand-specific e-commerce websites.
It is also testing new store experiences, through the introduction of new store prototypes, remodeling and right-sizing.
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