Abercrombie Promotes CFO Ramsden to New Operating Chief Position

NEW ALBANY, United States — Abercrombie & Fitch Co., the teen retailer that this week separated its chairman and chief executive officer roles, named Chief Financial Officer Jonathan Ramsden to the newly created role of chief operating officer.

Ramsden will continue to serve as CFO until a successor is appointed, New Albany, Ohio-based Abercrombie said in a statement today. The change is effective immediately.

Abercrombie is revamping its management ranks after CEO Michael Jeffries came under fire for struggling to reconnect with the chain’s customers, leading to three straight quarterly sales declines. Investor Engaged Capital LLC urged the company in December to start searching for a new CEO and consider selling itself to private-equity buyers.

Ramsden “has been a main focus of the operational side of the company,” Simeon Siegel, a New York-based analyst at Nomura Securities, said in a phone interview. “It’s hard to say that anyone is a hero in this environment, but the strong parts of this are on the operational side.”

Siegel recommends buying the shares.

Abercrombie said Jan. 28 that Arthur Martinez, a former executive at Sears, Roebuck & Co., will become non-executive chairman. Jeffries, who had been chairman since 1996, will continue to serve on the board and as CEO. The company also eliminated its shareholder rights program.

Abercrombie rose 1.6 percent to $35.94 at the close in New York. The shares declined 29 percent in the 12 months through today.

By Lindsey Rupp; Editors: Kevin Orland, James Callan