American Apparel (AMEX: APP), the fashion company sporting impressive growth along with a bizarre corporate sideshow, has a new chief financial officer.According to a press release, Adrian Kowalewski has been appointed Executive Vice President and Chief Financial Officer, effective immediately. He's been with the company since 2006, most recently as Director of Corporate Finance and Development. He is only 31 years old. The company's last CFO bowed out not long after CEO Dov Charney publicly blasted him as a "complete loser."
American Apparel's operational growth has been nothing short of phenomenal, but its stock price has been hurt by a lack of professionalism and faith in managerial competence. It's possible that Mr. Kowalewski will do a great job, but let's face it: appointing a 31-year old with little in the way of executive suite experience is not going to get investors breathing a sigh of relief.
Hiring a company outsider with a long track record in the industry would have been the savvier move from a PR perspective, but this is a company that marches to the drum of its eccentric founder.
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Reader Comments (Page 1 of 1)
12-29-2008 @ 4:08PM
BHarrison said...
Quote from article: "let's face it: appointing a 31-year old with little in the way of executive suite experience is not going to get investors breathing a sigh of relief." ===== > And surely his salary, bonus and "other compensations" should be commensurate with his "experience" and WITH more realistically adjusted (sic. downard) levels.
It is well past time for CEO salaries and compensations to be SUBSTANTIALLY REDUCED. There is NO BASIS for the previous EXCESSIVELY exorbitant CEO and uppermanagement salary and compensation packages. The time for change has arrived . . . stock holders should demand substantial reductions in salary/compensation levels. The "old dogs" can fall by the wayside and a new generation of more reasonably paid CEOs can assume the reigns of management.
It's time for major changes.