Abercrombie & Fitch Co. (ANF) Q3 2024 Earnings Breakdown

Key Highlights:

 

●Appointment of New CFO: Abercrombie & Fitch Co. (A&F Co.) appointed Robert Ball as the company's new Senior Vice President and Chief Financial Officer, effective November 20, 2024. This move was part of the company's succession planning. Ball, 45, has been with the company for over 20 years and previously served as Senior Vice President of Corporate Finance, Investor Relations, and Treasury.

●Former CFO's New Role: Scott Lipesky, the former CFO, will continue to serve as the company's Executive Vice President and Chief Operating Officer.He was promoted to COO in May 2023.

●Ball's Compensation: Ball's annual base salary will be $500,000.Starting in Fiscal Year 2025, his target incentive opportunity under the company’s Short-Term Cash Incentive Plan will be 60% of his annual base salary, with a maximum of 120%.He is also eligible to receive an annual equity award with a grant date fair value of approximately $750,000 for Fiscal Year 2025.

●Executive Severance Agreement: Ball entered into a standard executive severance agreement with the company. The agreement includes customary restrictive covenants such as non-competition, non-solicitation, non-disparagement, and confidentiality. The agreement outlines the severance benefits Ball would be entitled to under different termination scenarios.

●Amendments to Bylaws: A&F Co. also amended its bylaws, effective November 20, 2024.These amendments included:

○Revising and clarifying the procedures for stockholder submissions of proposals and director nominations, including disclosure requirements.A new rule stating that stockholders soliciting proxies must use a proxy card color other than white, which is reserved for the Board's exclusive use.

○Providing the option for the issuance of uncertificated shares.