CFO ditches Abercrombie & Fitch
Abercrombie & Fitch lost one of its most vocal executives on Friday, when CFO Michael Kramer resigned.
Mr. Kramer left to join Kellwood Co. as President and Chief Executive Officer. Kellwood markets clothing brands such as Baby Phat, XOXO and Calvin Klein.
In the malls, A & F is known for its teen-driven, and sometimes controversial, clothing line. On Wall Street, the firm boasts a lengthy record of consistent profit growth. But, this year’s tough economic conditions have hampered sales and the company’s stock (which year-to-date is down over 25 percent).
Yesterday’s announcement of the shake up in A & F’s executive suite pushed the stock down over 7 percent.
A & F has a tough search ahead. The company needs not only a good financial manager but someone who can interact with analysts and investors as Mr. Kramer often did in place of CEO Michael Jeffries.
BTW, Mr. Jeffries’ contract expires at the end of this year, wonder if the shake up will continue…
Tags: abercrombie and fitch, cfo, resignRelated Stories
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