Abercrombie & Fitch Co. promotes Robert Ball to Chief Financial Officer, effective November 20, 2024.
Quiver AI Summary
Abercrombie & Fitch Co. announced the promotion of Robert Ball to Chief Financial Officer, effective November 20, 2024. Previously serving as the Senior Vice President of Corporate Finance, Investor Relations, and Treasury, Ball brings nearly 22 years of experience at the company. He will join the executive leadership team and report to Scott Lipesky, who was promoted to Chief Operating Officer in May 2023 after serving as CFO since 2017. CEO Fran Horowitz praised Ball's extensive experience and his involvement in the company’s transformation efforts. Ball expressed enthusiasm for his new role and is committed to driving the company's growth strategies.
Potential Positives
- Robert Ball's promotion to Chief Financial Officer indicates a significant leadership transition that leverages his extensive experience within the company, potentially ensuring continuity in financial strategy and operations.
- The appointment reflects the company’s commitment to internal talent development, which may enhance employee morale and retention.
- Fran Horowitz’s endorsement of Ball suggests confidence in his ability to drive the company’s growth ambitions forward, which can positively influence investor and market perceptions.
- The announcement coincides with a time when the company is focused on executing its transformation and turnaround strategies, positioning it for future success.
Potential Negatives
- The promotion of Robert Ball to CFO may signal a lack of strong external options for leadership, indicating potential challenges in attracting top-tier talent to the company.
- The continued absence of a clear succession plan for top executives could create instability within the leadership structure.
- There may be concerns about the effectiveness of the company's transformation and turnaround strategy, as Ball stated there is "tremendous opportunity ahead," suggesting that the company has not yet achieved its desired financial goals.
FAQ
Who is the new CFO of Abercrombie & Fitch Co.?
Robert Ball has been promoted to Chief Financial Officer, effective November 20, 2024.
What prior roles did Robert Ball hold at Abercrombie & Fitch Co.?
Before becoming CFO, Ball was Senior Vice President of Corporate Finance, Investor Relations, and Treasury.
When did Scott Lipesky transition to Chief Operating Officer?
Scott Lipesky was promoted to COO in May 2023 and previously served as CFO since 2017.
What is Abercrombie & Fitch Co.'s market focus?
The company caters to a demographic ranging from kids to millennials with curated apparel and accessories.
How many stores does Abercrombie & Fitch Co. operate globally?
Abercrombie & Fitch Co. operates over 750 stores across North America, Europe, Asia, and the Middle East.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$ANF Insider Trading Activity
$ANF insiders have traded $ANF stock on the open market 14 times in the past 6 months. Of those trades, 0 have been purchases and 14 have been sales.
Here’s a breakdown of recent trading of $ANF stock by insiders over the last 6 months:
- NIGEL TRAVIS has traded it 2 times. They made 0 purchases and 2 sales, selling 11,992 shares.
- SAMIR DESAI (EVP;Chief Digital&Tech Officer) sold 19,041 shares.
- HELEN MCCLUSKEY sold 3,500 shares.
- KENNETH B. ROBINSON has traded it 2 times. They made 0 purchases and 2 sales, selling 3,100 shares.
- SCOTT D. LIPESKY (EVP, COO and CFO) has traded it 2 times. They made 0 purchases and 2 sales, selling 18,000 shares.
- JAMES A GOLDMAN sold 4,120 shares.
- SARAH M. GALLAGHER sold 2,800 shares.
- KERRII B ANDERSON has traded it 4 times. They made 0 purchases and 4 sales, selling 7,500 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$ANF Hedge Fund Activity
We have seen 279 institutional investors add shares of $ANF stock to their portfolio, and 223 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- BLACKROCK, INC. removed 1,431,099 shares (-17.6%) from their portfolio in Q3 2024
- D. E. SHAW & CO., INC. removed 934,999 shares (-63.7%) from their portfolio in Q3 2024
- AQR CAPITAL MANAGEMENT LLC added 597,412 shares (+1105.0%) to their portfolio in Q3 2024
- WESTFIELD CAPITAL MANAGEMENT CO LP added 522,147 shares (+inf%) to their portfolio in Q3 2024
- VANGUARD GROUP INC removed 457,441 shares (-7.4%) from their portfolio in Q3 2024
- JUPITER ASSET MANAGEMENT LTD added 404,221 shares (+199.4%) to their portfolio in Q3 2024
- DIMENSIONAL FUND ADVISORS LP removed 399,548 shares (-18.4%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
NEW ALBANY, Ohio, Nov. 26, 2024 (GLOBE NEWSWIRE) -- Abercrombie & Fitch Co. (NYSE: ANF) today announced the promotion of veteran Finance leader Robert Ball to Chief Financial Officer, effective November 20, 2024. In his new role, Ball will serve on the company’s executive leadership team and continue to report to Scott Lipesky, Executive Vice President and Chief Operating Officer.
Ball, previously the company’s Senior Vice President of Corporate Finance, Investor Relations, and Treasury, brings nearly 22 years of experience leading key Abercrombie & Fitch Co. (A&F Co.) Finance and Strategy functions to the role. Lipesky, who served as the company’s CFO since 2017, was promoted to COO in May 2023, and will remain in that role, leading the company’s global operations and growth strategies, while driving financial discipline, capital allocation and efficiency.
Commenting on the appointment, Fran Horowitz, Chief Executive Officer, said, “With Scott’s promotion to COO, we had an opportunity to elevate a very talented leader in our Finance organization, and I’m pleased to welcome Robert to his new role as CFO. He has worked in close partnership with me and our entire executive leadership team to help architect A&F Co.’s transformation and successfully execute the turnaround of our brands and business.” She added, “With his decades of experience at the company, Robert is uniquely qualified to have an immediate impact as he continues to help drive our strategies forward.”
"I'm excited to take on the role of CFO at this stage of A&F Co.’s journey,” said Ball. “As much as we’ve achieved over the last several years, there is tremendous opportunity ahead. I look forward to continuing to work closely with Fran, Scott and our brand and regional leaders to deliver on our long-term growth ambitions.”
Prior to being appointed CFO of the company, Ball held several finance leadership positions at A&F Co., including CFO of the Abercrombie & Fitch and abercrombie kids brands, in addition to roles in financial reporting, financial planning and analysis, and corporate finance. He also led the transformation management office. Before joining the company in 2003, Ball started his career as a financial advisor at Merrill Lynch.
About Abercrombie & Fitch Co.
Abercrombie & Fitch Co. (NYSE: ANF) is a global, digitally led, omnichannel specialty retailer of apparel and accessories catering to kids through millennials with assortments curated for their specific lifestyle needs.
The company operates a family of brands, including Abercrombie & Fitch and Hollister, each sharing a commitment to offer products of enduring quality and exceptional comfort that support global customers on their journey to being and becoming who they are. Abercrombie & Fitch Co. operates 750+ stores across North America, Europe, Asia and the Middle East, as well as the e-commerce sites abercrombie.com , abercrombiekids.com and hollisterco.com .
| Investor Contact: | Media Contact: | |
| Mo Gupta | Kate Wagner | |
| Abercrombie & Fitch Co. | Abercrombie & Fitch Co. | |
| (614) 283-6751 | (614) 283-6192 | |
| [email protected] | [email protected] | |
