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Abercrombie & Fitch promotes CFO Ramsden to COO

Abercrombie & Fitch promotes CFO Ramsden to COO 2 days after separating chairman, CEO roles

Associated Press

NEW ALBANY, Ohio (AP) -- In its second management change this week, teen retailer Abercrombie & Fitch on Thursday promoted Chief Financial Officer Jonathan Ramsden to the new role of chief operating officer.

Abercrombie & Fitch said Ramsden, 49, will continue to hold the CFO job until a replacement is appointed. He has been with the company since December 2008.

On Tuesday, Abercrombie & Fitch Co. separated the roles of chairman and CEO. Michael Jefferies, the company's chairman since 1996, remains CEO while Arthur Martinez, the former head of Sears, is now its non-executive chairman. In December, Abercrombie & Fitch said it was reworking Jefferies' contract and tying his compensation more closely with its performance.

The company also expanded its board of directors and terminating its shareholder rights plan. Shareholder rights plans, or "poison pills," are typically used by a company when it is trying to ward off a hostile takeover attempt.

Abercrombie & Fitch's brands include Hollister, Gilly Hicks and its namesake. It runs 890 stores in the U.S. and 166 stores in Canada, Europe, Asia and Australia.