Troubled retailer Abercrombie & Fitch has named, Jonathan Ramsden, as its new chief financial officer. Ramsden comes to the shop from TBWA, where he was CFO for 10 years.
Now get this – Ramsden will be taking home a cool $700,000 a year in salary. According to Reuters, “he will also receive a $150,000 signing bonus, a grant of 10,000 stock options and 10,000 restricted stock units. Upon his employment, in lieu of the annual grant given to senior executives of the company, he will also receive 50,000 stock options and 30,000 restricted stock units.”
Ramsden is a nice addition to the staff after some recent high level bailouts. Lets face, the clothier should also work on their homo-erotic, teen advertising campaigns, not just their books. According to a September ChangeWave survey, consumer said that Abercrombie was the store they said they’re least likely to shop at in the future with responses including: “Seriously disagree with their philosophy” and “Don’t like their advertising scheme.”
Okay. Okay. So, maybe if you’re looking for a gig in advertising right now, it might be time to head to the client side. There are a bunch of brands rocking themselves to sleep right now. Perhaps picking up a well-weathered advertising staffer might be just the thing they’re looking for.