Levi's To Replace CFO

Jeans manufacturer and retailer Levi Strauss is replacing its chief financial officer with a corporate recovery specialist as the company continues to try and restore it's standing.

Levi Strauss, which recently warned that full-year sales would drop by around 7 per cent, has replaced Bill Chiasson with management consultant Jim Fogarty. Fogarty's consulting firm, Alvarez & Marsal, is working with Levi Strauss on a turnaround plan. The company specialises in working with businesses in trouble. Along with falling sales, Levi Strauss is expected to have run up net debt of $2.2bn by the end of this year.

Attempts to drive forward a recovery have already seen the company close US factories in order to shift production overseas, controversially losing its 'Made in America' image as well as making thousands of US workers unemployed. In the face of increasing competition, Levi has also shifted from its premium-only strategy to launch the discount Signature brand. The range is sold in US Wal-Mart stores and is due to be launched in Europe next year.