Abercrombie & Fitch CEO Michael Jeffries steps down
Abercrombie & Fitch has announced that its chief executive Michael Jeffries is retiring as chief executive with immediate effect.
Jeffries is also stepping down from the retailer’s board of directors. He has held the role of chief executive since 1992.
The struggling US fashion brand, which has seen disappointing sales in recent years, has appointed an executive search firm to find a successor. In the meantime Abercrombie & Fitch’s non-executive chairman Arthur Martinez will become executive chairman.
The board has established an Office of the Chairman which also includes Jonathan Ramsden, chief operating officer, Christos Angelides, brand president of Abercrombie & Fitch and Fran Horowitz, brand president of Hollister. Led by Martinez, the Office of Chairman will oversee the company’s strategic direction and be responsible for managing day-to-day operations until a new chief executive is appointed.
Never Miss a Retail Update!Martinez said: “It is impossible to overstate Mike Jeffries’ extraordinary accomplishments in building Abercrombie & Fitch to the iconic status the brand now enjoys. From a standing start two decades ago, his creativity and imagination were the driving forces behind the company’s growth and success. Going forward, we are confident in our talented senior leadership team and the steps we are taking to revitalize our brands and business.”
Jeffries said: “It has been an honour to lead this extraordinarily talented group of people. I am extremely proud of your accomplishments. I believe now is the right time for new leadership to take the company forward in the next phase of its development.”