Abercrombie has a CEO for the first time since 2014
February 2, 2017 01:48 PM
For the first time since Mike Jeffries stepped down as Abercrombie & Fitch Co.’s CEO in 2014, the multichannel retailer has a chief executive.
Abercrombie, No. 58 in the Internet Retailer 2016 Top 500 Guide, promoted Fran Horowitz, the retailer’s president and chief merchandising officer, to CEO. The move, which took place Jan. 30, is effective as of Wednesday. She also will serve on the retailer’s board of directors.
With Horowitz's appointment, the retailer dissolved the office of the chairman, a role that executive chairman Arthur Martinez had held as he led the company since Jeffries’ departure..
At the same time, the retailer promoted Joanne Crevoiserat to chief operating officer. Crevoiserat will continue as executive vice president and chief financial officer.
"Fran's appointment to CEO reflects the leadership she has shown in the turnaround of Hollister, our efforts to provide a compelling, customer-focused shopping experience at both of our brands and, while we have more work to do, the repositioning of the Abercrombie & Fitch brand," Martinez says. "She is a talented, creative and dedicated executive who has energized our team around important cultural values, a customer-centric mindset and a commitment to assuring our company's success."
Like many other mall-based retailers, Abercrombie has struggled to adapt to a rapidly changing apparel landscape. While its direct-to-consumer and omnichannel sales, which include web transactions and sales placed online within a store, are up roughly 2.7% through the first three quarters of 2016, its overall revenue is down 4.8%.