Abercrombie & Fitch (ANF - Get Report) announced a corporate governance restructuring that will eliminate the role of chief operating officer and streamlines the retailer's corporate governance structure.
Current Chief Operating Officer Joanne Crevoiserat will leave the company following a short transition period that also will see the company's chief financial officer, chief information officer, head of global supply chain, and head of the transformation management office report directly to the CEO.
The company said that the new streamlined initiative will take effect immediately.
"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. 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," said CEO Fran Horowitz.
Abercrombie shares are up 0.3% in trading Tuesday.