Dive Brief:

• New Albany, Ohio company Abercrombie & Fitch has hired Kohl’s Corp. executive vice president of finance, Joanne C. Crevoiserat, to be its chief financial officer and to head merchandise planning and inventory management for a time starting next month, the company announced yesterday.

• Crevoiserat has also held senior financial management positions at Wal-Mart Stores Inc. and May Department Stores. Her hire is seen as part of major leadership changes at the struggling teen apparel retailer.

• Former Abercrombie & Fitch CFO Jonathan Ramsden was promoted to chief operating officer in January, and merchandise planning and inventory management is currently managed by Leslee Herro, who retires in September.

Dive Insight:

Major investor Engaged Capital LLC has been pressuring Abercrombie & Fitch to make major changes at the company, which has suffered declining sales and revenues for the past year. In fact, the investment company is on record suggesting that controversial CEO Mike Jeffries be replaced and the company possibly​ sold. Abercrombie & Fitch has responded to the pressure from both its investors and its declining fortunes by working on changing its product lines and sales strategies, but it remains to be seen whether more drastic change will be necessary for a successful turnaround.