A&F CEO steps down. Stock market happy.
Mike Jeffries is no longer the CEO of Abercrombie & Fitch. The company says Jeffries is retiring and has also stepped down from the board of directors. Shareholders are pleased as the stock traded up almost 7% in early morning trading.
Until a replacement is announced, A&F will be run by the recently created Office of the Chairman made up of Chairman Arthur Martinez, COO Jonathan Ramsden and brand presidents Christos Andgelides (A&F) and Fran Horowitz (Hollister). Jeffries departure, while sudden, wasn’t unexpected. Critics have highlighted the stock’s sustained decline in price and the company’s inability to resonate with the teen market like it once did and at 70, he’s no spring chicken.
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